US flat steel pricing continued higher this week, showing $30/nt gains across all flat steel grades, as available supply remains limited amid tariff-inspired import reductions, even as flat steel demand continues to improve, market insiders told SteelOrbis this week.
Market insiders told SteelOrbis ongoing 50 percent Section 232 steel import tariffs are pressuring supplies even as domestic flat steel demand begins to improve from US demand sectors like automotive and construction. Stable raw material input costs also have contributed to recent strength in finished steel spot prices, they said.
And while November scrap finished for the month mostly flat during recent supply negotiations, market insiders said the fact that it failed to decline as pricing did during earlier October supply negotiations, indicates a more optimistic outlook is emerging for finished steel pricing for the remainder of Q4 and into early 2026.
This week, US steel producer Nucor increased its weekly Consumer Spot Price (CSP) for hot-rolled coils by $5/nt, for a third straight week of gains, to $895/nt ($987/mt), or $44.75/cwt. Prior to the recent price increases, the Nucor CSP was stable for eight straight weeks at $875/nt ($965/mt), or $43.75/cwt., while SteelOrbis weekly spot pricing for HRC was substantially less in the $800-820/nt range. This week, Nucor and its close long steel competitor Commercial Metals Company (CMC) also announced a long-anticipated price increases amounting to $30/nt or $1.50/cwt., in their posted prices for rebar.
The weekly SteelOrbis HRC spot price average finished the week of Nov. 10 at $855/nt ($942/mt), or $42.75/cwt., up $30/nt from a previous $825/nt ($909/mt), or $41.25/cwt., weekly close. Given recent price increases, SteelOrbis data shows HRC prices have increased nearly 7 percent since bottoming during the week of Sept. 22 at $800/nt ($882/mt), or $40.00/cwt.
“I think the market woke up at the end of October and the beginning of November,” one Arizona-based flat steel supplier told SteelOrbis. “We have seen tremendous activity in the spot market where a lot of service centers have been purchasing for spot needs. With the weekly increase in [steel index pricing], it confirms to a lot of people that price increases are happening as domestic mills are already offering lead times into mid-January. Some people are realizing the lack of availability and trying to scoop up inventory, but now [suppliers] are trying to get more money for their steel.”
On the Chicago Mercantile Exchange, hot-rolled coil (HRC) futures prices continue to rally, with November contracts traded Nov. 14 at $856/nt ($944/mt), or $42.80/cwt., up $1/nt on the day though up from $847/nt ($934/mt), or $42.35/cwt., one week prior. December futures traded up $7/nt on the day to $900/nt ($992/mt), or $45.00/cwt., while January contracts peaked for a $9/nt gain to trade at $925/nt ($1,020/mt), or $46.25/cwt.
In other flat steel markets, cold rolled coil average prices rebounded another $30/nt to close the week at $1,050/nt ($1,157/mt), or $52.50/cwt., up from $1,020/nt (1,124/mt), or $51.00/cwt., seven days earlier. Given a $30/nt increase for both HRC and CRC steel, the current spread between HRC and CRC steel grades remains steady for a third week at $195/nt ($215/mt), or $9.75/cwt.
In the coated steel markets, the SteelOrbis hot-dipped galvanized base supply price without extras ended the week of Nov. 10, $30/nt higher at $930/nt ($1,025/mt), or $46.50/cwt., up from $900/nt ($992/mt), or $45.00/cwt., seven days prior. Spot pricing with extras (G-90) is discussed at $1,015/nt ($1,119/mt), or 50.75/cwt. While G-90 pricing is clearly on the rise, it still remains unclear whether recent reports from the annual Metalcon trade show noting seller offers at $1,000-$1,400/nt ($1,102-1,543/mt) will be realized.