Nucor has increased its hot rolled coil base spot price to $900/short ton, an $80/st increase from its 17 February notice, Kallanish reports.

Due to "a signficant shift in market conditions," the Charlotte, North Carolina-based company says it is finding it challenging to offer customers guaranteed three- to five-week shipment.

“Nucor's commitment has been to provide consistent and transparent communication regarding our hot rolled coil spot pricing to help our customers reduce their reliance on speculation while reducing risk," Nucor’s update explains. "A key component of CSP is our commitment to offer 3-5 week hot rolled spot lead times. ... We will continue working together with our customers to ensure orders remain connected to underlying demand through these dynamic market cycles.” . 

In the week of 21 February, Cleveland-Cliffs issued a monthly pricing update to its customers, raising its minimum HRC price to $900/st (see Kallanish 22 February). 

One competitor confirms that most domestic mills are now are that level. 

“It feels like most mills are offering HRC at $900 now,” the producer states. 

Kallanish surveys domestically produced HRC spot market prices each Wednesday. Last week’s assessment found that the range for HRC was $800-900/st.

All prices are ex-works domestic mill.