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| Nucor |
Nucor officially increased its spot price for hot-rolled coil by $10 per short tonne this week. This adjustment brings the company's new offer price to $1,115 per short tonne. Consequently, the joint venture California Steel Industries also adjusted its pricing upward to $1,165 per short tonne. Nucor has consistently raised the hot-rolled coil spot price every week since late January. Meanwhile, delivery lead times remain stable at three to five weeks for current customers.
Broader Market Impacts and Gerdau’s Price Adjustments
Gerdau Long Steel North America simultaneously announced significant price increases for beams and structural products. The company implemented hikes ranging from $40 to $80 per short tonne effective June 8. Specifically, channels and angles measuring 6 inches or larger face the steepest $80 increase. As a result, market participants must navigate these rising input costs across multiple steel product categories. Therefore, these synchronized price hikes reflect a broader trend of tightening supply across the North American steel sector.
Analyzing the US Steel Market Dynamics
The hot-rolled coil market continues to exhibit upward price momentum driven by limited supply and high raw material costs. While global markets showed mixed performance in April 2026, the US domestic segment maintains consistent strength. In contrast, European demand remains under pressure from weakening consumption levels. Ultimately, the constrained availability of spot volumes from domestic mills suggests that price support will likely persist in the near term.
ScrapInsight Commentary
The persistent weekly increases in hot-rolled coil prices underscore a significant supply-side tightness in the US market, likely exacerbated by robust demand in key consuming sectors and rising feedstock costs. We anticipate that these sustained price hikes will continue to challenge end-user profit margins, potentially leading to inventory pre-buying as traders hedge against further escalations. From a circular economy perspective, this pricing environment reinforces the high intrinsic value of steel scrap as an essential, cost-effective input for electric arc furnace (EAF) producers seeking to mitigate primary material inflation.
