US domestic flat steel markets advanced again this week on the heels of continued bullish market fundamentals, with the price of May scrap now adding more weight to a growing market sentiment that finds US flat steel markets well supported, price-wise, through the summer months, and potentially into fall.
This week, May prime scrap grades in Cleveland, OH., and Pittsburgh, PA., settled $20/gt ($20/nt or $20.32/mt) higher to around $470/gt., led by strong finished steel demand and amid reports of continued high output requirements at US mills. In Chicago, ILL., and Detroit, MI., prime scrap markets, monthly prime scrap traded sideways to April settle values at $450/gt.
Recently, many US mills have been operating at or near 80 percent capacity, just to keep up with demand, as finished steel imports remain slashed by nearly 40 percent from year-ago levels-the result of steel import tariffs doubled by the Trump administration in June 2025.
“Flat steel pricing just keeps climbing,” remarked one flat steel insider to SteelOrbis. “Cold-rolled coils and galvanized coil pricing lead the way once again this week, while HRC just continues to inch up every week. He continued. “Other than a small decrease in March, HRC has gone up every week this year.”
In the hot-rolled coil markets, weekly SteelOrbis surveys show flat steel values rose another $7/nt to on average $1,075/nt ($1,185/mt), or $53.75/cwt., on an FOB mill basis, up from $1,068/nt ($1,177/mt), or $53.40/cwt., one week earlier. SteelOrbis weekly data shows HRC pricing has increased more than 18 percent since the beginning of 2026, as US supply availability has remained more limited, with mills running hard to keep up.
This week, Charlotte, North Carolina-based Nucor once again posted higher flat steel prices, with its Consumer Spot Price (CSP) for flat-rolled coils posting a 17th weekly high in 19 weeks. The CSP rose another $10/nt on an FOB mill basis to $1,080/nt ($1,191/mt), or $54.00/cwt., up from $1,070/nt ($1,179/mt), or $53.50/cwt., a week earlier. Nucor’s California Steel Industries (CSI) CSP index also rose $10/nt to finish at $1,130/nt ($1,246/mt), or $56.50/cwt., up from $1,020/nt ($1,235/mt), or $53.25/cwt., one week ago.
Bullish market sentiment for flat steel products can be seen in the HRC futures complex curve where prices remain elevated through Q3 and potentially into Q4. For the remainer of Q2, June HRC futures contracts traded May 15 at $1,107/nt ($1,220/mt), or $55.35/cwt., up $6/nt on the day, while Q3 months (July-Sept) traded in a range of $1,135-$1,145/nt ($1,251-$1,262/mt). October is the first month to post near $1,100/nt ($1,216/mt), or $55.00/cwt., though still $32/nt higher than current spot HRC pricing offers.
In the cold rolled coil markets, spot prices saw additional $12/nt price increases to settle the week at $1,232/nt ($1,358/mt), or $61.60/cwt., up from last week’s $20/nt weekly price gains to on average $1,220/nt ($1,345/mt), or $61/cwt., on an FOB basis. Based on a $7/nt rise in weekly HRC prices and a $12/nt increase in weekly CRC values, the current spread between the two key steel grades increased $5/nt on the week to $157/nt or $7.85/cwt.
In the weekly coated steel markets, spot hot-dipped galvanized finished steel pricing averaged $15/nt gains to settle the week at $1,230/nt ($1,356/mt), or $61.60/cwt., up from $1,215/nt ($1,339/mt), or $60.75/cwt., on an FOB basis one week earlier.
On the energy side, continued uncertainty in the Middle East as the US-Iran-Israel war enters its eleventh week, combined with uncertain peace talks and an ongoing naval blockade of the all important Strait of Hormuz, has caused global oil prices to soar to their highest levels in more than four years. On May 15, US benchmark West Texas Intermediate crude oil (WTI) pricing ranged between $97-$109/bbl, up from $104-$105/bbl a week earlier, while globally, Brent crude oil traded between $97-109/bbl, up from $96-104/bbl a week ago.
