Steel market leaders are working to establish price stability through recent increases. Nucor Corporation, a major industry player, raised its consumer spot price (CSP) of hot-rolled coil (HRC) to US$720 per ton on September 9th, up from US$710 per ton set on August 26th.

This move, along with similar actions by other key producers like Cleveland-Cliffs, aims to create a price floor in the market. A complex mix of economic conditions, market forces, and industry-specific factors influences the steel price trajectory. Despite ongoing economic uncertainties, prices continue to face upward pressure. These developments warrant close attention to grasp their potential long-term effects on the steel industry fully.