Nucor increased prices for hot-rolled coils

U.S. steel manufacturer Nucor confirmed another increase in the spot price for hot rolled coils (HRC), raising it by USD 15 to USD 690 per short ton. This follows a previous increase on July 29, in which the price was increased by USD 25, cumulatively amounting to a $40 increase over two weeks.

These adjustments are part of Nucor's strategy to counteract a significant 40% drop in prices earlier in the year. Industry observers note that this pattern of increases might suggest that the market has reached a bottoming out point, or potentially a rebound. Cleveland-Cliffs has also adjusted its pricing in a similar fashion.

The hot rolled coil market has seen consistent price drops, with a notable 7.1% reduction in July. However, the recent price initiatives by Nucor and Cleveland-Cliffs are seen as early indicators of a potential rebound in the U.S. HRC market, especially as the industry moves beyond the summer vacation period.