US domestic flat steel markets continued to advance this week fueled by solid demand from producing mills, strength in global oil prices as a result of continued uncertainty in the Middle East, and ongoing maintenance operations throughout the US which is contributing to tight spot supplies, market insiders told SteelOrbis.
While many of the fundamentals driving current market pricing remain little changed from weeks ago, following the start of the US-Iran-Israel war in late-February, market insiders note that weekly price increases seem to be moderating, indicating to some that current flat steel pricing could be approaching a peak following recent and consistent gains.
“Recently, US mills have breached the 80 percent of capacity level, the first time we’ve seen that level of production since August of 2024,” said one US East Coast flat steel insider to SteelOrbis. “With mills running this hard, and imports continuing to suffer because of tariffs, we can expect to see pretty good pricing support.”
In the hot-rolled coil markets, weekly SteelOrbis surveys show flat steel values rose another $3/nt to on average $1,053/nt ($1,161/mt), or $52.65/cwt., following last week’s $10/nt price rise to $1,050/nt ($1,207/mt), or $52.50/cwt. SteelOrbis data shows HRC pricing has increased more than 15 percent since the beginning of 2026.
This week, Charlotte, North Carolina-based Nucor continued to post increases for its Consumer Spot Price (CSP) for flat-rolled coils for a 14th time in 16 weeks. The CSP rose another $10/nt on an FOB mill basis to $1,055/nt ($1,163/mt), or $52.75/cwt., up from $1,045/nt ($1,152/mt), or $52.25/cwt., one week earlier. Since the end of October, when CSP prices started a steady weekly advance following an eight-week period of stability at $875/nt, the Nucor CSP has increased nearly 21 percent. Nucor‘s California Steel Industries (CSI) price also continued higher, increasing another $10/nt on an FOB basis this week to $1,105/nt ($1,218/mt), or $55.25/cwt., up from $1,095/nt ($1,207/mt), or $54.75/cwt., one week prior.
In the cold rolled coil markets, spot prices averaged $5/nt price gains, settling the week at $1,190/nt ($1,312/mt), or $59.50/cwt., up from $1,185/nt ($1,306/mt), or $59.25/cwt., one week prior. Based on a $3/nt rise in weekly HRC prices and a $5/nt bump in weekly CRC assessments, the current spread between the two key steel grades rose $2/nt to $137/nt or $6.85/cwt., up from $135/nt, or $6.75/cwt., seven days ago.
In the weekly coated steel markets, spot hot-dipped galvanized finished steel was priced on average at $1,180/nt ($1,300/mt), or $59/cwt., up $10/nt from last week’s $5/nt rise on an FOB basis to $1,170/nt ($1,290/nt), or $58.50/cwt.
On the supply side, market reports made available to SteelOrbis indicate the month of April could see 14 mills shuttered for maintenance for an estimated total of about 59 days of production. That compares with March’s 9 mills and an estimated 37 days of downtime, the reports said.
In the US energy markets, US benchmark West Texas Intermediate crude oil (WTI) sold at about $94 per barrel (/bbl) on March 24, up from about $85/bbl a week before as a US naval blockade of the Strait of Hormuz continued, and extended ceasefires were announced by the US and Israel concerning Iran and Lebanon.
This week, new Census Bureau data from Washington, DC-based American Iron and Steel Institute (AISI) seems to confirm recent market reports about growing import activity into the US during the first and second quarters of 2026, as finished steel pricing continues to rise.
Despite ongoing steel tariffs, AISI said that the US imported a total of 1,769,000 net tons (nt) of steel in March 2026, including 1,306,000 nt of finished steel (up 5.4 percent and 10.2 percent, respectively, vs. February 2026). And while up on the month, total and finished steel imports remain off by 34.7 percent and 35 percent, respectively, year-to-date vs. 2025 levels.
