Domestic steel coil prices in the US have flattened this week after Nucor, the country's largest steelmaker, kept its weekly hot-rolled coil (HRC) price unchanged from the previous week at $690 per short ton. Market participants report that Nucor's decision to pause price hikes has stabilized the market, although demand remains weak.
According to sources, the spot market price for HRC is currently in the range of $640-670/st, reflecting the lack of appetite from buyers. Nucor's move to hold its weekly base price at $690/st, unchanged from the prior week, has effectively put a lid on further price increases in the near term.
The flat pricing comes after a period of modest gains, with HRC prices rising to $640-670/st, up from the previous range of $630-650/st. However, the market remains sluggish, with sources citing ongoing competition and a lack of demand as factors contributing to the current pricing environment.
Nucor's decision to publish a weekly HRC price, a move that was unprecedented in the US sheet market, has brought more transparency to the market. The company's weekly price announcements have become a closely watched indicator of market sentiment and direction.
As the US steel industry navigates the challenges posed by the current economic conditions, market participants will be closely monitoring Nucor's pricing decisions and the overall demand outlook for clues on the future trajectory of sheet prices.
