US flat steel prices were mixed this week in limited trade amid lower April scrap pricing and as markets gauged the effects of Section 232 tariffs and new 10 percent reciprocal tariffs by the US Trump administration on business operations.
Following the April 2 start of country-specific reciprocal tariffs, US President Trump announced a 90-day delay one week later in the implementation of the levies to allow as many as 75 countries that have appealed to the US, more time to negotiate their individual tariff rates. During the pause, rates will be set at a minimum 10 percent. Also, at present, all countries including Canada and Mexico, are still subject to new Section 232 tariffs of 25 percent enacted March 12 on steel and aluminum imports.
“Hot rolled coil prices are around $950/nt ($1,047/mt) with lead times of around 3-5 weeks noted,” said one Midwest flat steel dealer. “Trading has been pretty slow this week as people digest recent news about the tariffs.”
In weekly flat steel spot markets, the SteelOrbis weekly spot average for hot rolled coils (HRC) rose $15/nt ($17/mt) to $950/nt $1,047/mt), or $47.50/cwt., on a delivered to customer basis, up from an average $935/nt ($1,031/mt), or $46.75/cwt., one week earlier. Since the start of 2025, HRC prices have increased by 24.84 percent against a backdrop of 25 percent steel import tariffs.
On the mill side, Nucor CSP prices were stable for a third week at $935/nt ($1,031/mt) FOB mill, while April scrap pricing in the US Ohio Valley settled $20-40/gt ($20-41/mt) less on building supply and unremarkable new finished steel demand, market insiders told SteelOrbis. Flat steel pricing may have peaked, insiders say, as mills remain reluctant to raise posted prices for fear of losing sales to imports, insiders said.
In the cold rolled markets, spot CRC is assessed flat in limited trade on a delivered basis at $1,175/nt ($1,295/mt), or $58.75/cwt., following a $25/nt increase a week earlier. At present, the current key trading spread between HRC and CRC fell by $15/nt to $225/nt ($248/mt), from $240/nt ($265/mt) one week earlier.
Spot HDG is assessed $15/nt higher delivered to customer at $1,150/nt ($1,268/mt), or $57.50/cwt., up from $1,135/nt ($1,251/mt) a week ago.
