Nucor Corporation, the largest steel producer in the US, increased its consumer spot price (CSP) for hot-rolled coil (HRC) by US$10 per short ton for the week of June 15, bringing it to US$1,125.

Also, the CSP for hot-rolled products from California Steel Industries (CSI), Nucor’s West Coast joint venture, rose by the same amount to reach US$1,175 per short ton.

These consecutive price hikes reflected a strong US steel product market combined with a substantial drop in global imports driven by the active Section 232 steel tariffs. High energy costs also project continued strength for finished steel pricing. This sustained pricing power continues despite expectations that the Strait of Hormuz will completely reopen on June 19 following a recent 60-day ceasefire agreement.