US flat steel prices continued higher this week, the result of maintenance-related reductions at US steel producers that now shows at four-month lows, even as actual June flat steel import data (versus July and August import permit applications) from the International Trade Agency (ITA) reveals that June flat steel imports were off nearly 17 percent from one year earlier.
According to weekly production data from the American Iron and Steel Institute, (AISI), US raw steel production for the week ended August 8, fell to 1.82 million net tons or 78.8 percent of capacity, off 2.7 percent from a week earlier, though still up 3.2 percent versus one year earlier. AISI data shows current US steel productive capacity remains at it lowest point since March-April 2026.
Meanwhile, ITA flat steel imports from all nations into the US for June 2026 -the most recent month for which actual imports were available- were reported at 525,116 net tons versus 2025's 629,438 net tons, 16.57 percent less.
As domestic supply concerns grow, insiders say US domestic mills continue to more closely manage full order books and restrict the sale of spot and contract tons, leaving buyers with few options to bargain. Ongoing Section 232 import tariffs of 50 percent continue to limit import opportunities, they say, causing domestic pricing to advance toward multi-year price highs, boosting yearly mill profits.
According to SteelOrbis historical data, current spot flat steel prices are at the highest reported level since the March-April period of 2023, despite recent claims from some insiders who said current hot-rolled coil (HRC) pricing near $1,200 per net ton could be approaching price peak levels.
In the US flat steel markets, this week's SteelOrbis HRC price average finished the week at $1,195/nt ($1,317/mt), or $59.75/cwt., up $15/nt from last week's average price at $1,180/nt ($1,301/mt), or $59/cwt.
Also this week, Charlotte, North Carolina-based Nucor announced that it's CSP -the posted base price it charges for hot-rolled coils (HRC) across all of its regional mills- increased another $5/nt to $1,160/nt ($1,279/mt), or $58/cwt., up from the prior week's $10/nt advance to $1,155/nt ($1,273/mt), or $57.75/cwt. Nucor's California Steel Industries (CSI) base price rose another $5/nt to $1,220/nt ($1,345/mt), or $61/cwt., up from the previous week's $1,215/nt ($1,339/mt), or $60.75/cwt., level one week earlier.
Since mid-June it remains unclear how much spot HRC supply Nucor is selling at its posted CSP price, as spot market surveys this week alone indicate current spot market pricing remains about $35/nt higher than Nucor's latest weekly CSP offering, up from a $30/nt premium of CSP to spot noted one week ago.
Despite recent claims by some market contacts that current spot flat steel prices are near peak pricing, it remains clear that some supply hedgers think HRC prices could continue higher well into September. Following recent August HRC steel futures price settles on the Chicago Mercantile Exchange's Globex electronic futures exchange at $1,196/nt ($1,318/mt), or $59.80/cwt., only $1/nt higher than current average spot trade assessments indicate, September HRC futures at $1,215/nt ($1,339/mt), or $60.75/cwt., stand a full $20/nt higher than current August spot markets now command.
In the weekly cold-rolled steel (CRC) market, the weekly SteelOrbis CRC price average gained an even greater $20/ton weekly premium to finish the week at $1,415/nt ($1,560/nt), or $70.75/cwt., up from last week's average $1,395/nt ($1,538/mt), or $69.75/cwt.
Based on a $15/nt rise in weekly HRC values and a more substantial $20/nt increase in average CRC values, the current spread between the two key steel grades stands at a recent high of $220/nt, or $11/cwt, up from a $215/nt or $10.75/cwt., premium one week ago.
In the HDG spot markets, the SteelOrbis weekly average price rose an additional $27/nt to $1,422/nt ($1,567/mt), or $71,10/cwt., up from last week's $10/nt gain to $1,395/nt ($1,538/mt), or $69.75/cwt.
