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.
Comments
No comment yet.