US steelmaker Nucor raised its US hot-rolled coil (HRC) spot price by $10/short ton (st) today, extending its run of weekly price increases to 11 consecutive weeks.
Nucor's price increase sets its US HRC prices at $1,230/st for all producing mills, except for its California Steel Industries price, which was raised to $1,290/st.
Argus' spot HRC price was most recently assessed at $1,261.75/st during the week of 21-25 September. Spot availability remains limited as many US HRC mills continue to reject spot bids from its customers.
Nucor's publicly stated lead times for spot orders remain between three to five weeks, while Argus assessed US HRC lead times at 7.6 weeks for 21-25 September, up from 7.1 weeks in the previous week.
US service centers continue to struggle to secure HRC from domestic mills due to mill production issues, resulting in tight inventories.
