US domestic flat steel pricing continued higher again this week, with spot hot-rolled coil (HRC) prices advancing to levels not seen since COVID-era price peaks were seen in January 2021. Insiders told SteelOrbis recent domestic pricing continues to reflect slashed imports, solid domestic finished steel demand, combined with recently higher energy prices, prompted by continued US-Iran tensions, they said.
SteelOrbis weekly pricing shows spot HRC pricing on an FOB mill basis continued $10/nt higher, posting a 15th straight weekly advance, settling on average at $1,125/nt ($1,240/mt), or $56.25/cwt. In contrast, weekly data shows spot price levels peaked at more than $1,940/nt ($2,138/mt) the week of Oct. 4, 2021 in reaction to COVID-stressed US and global commodity supply chains.
“US inflation levels remain elevated and heightened global energy pricing has contributed to an uncertain economic outlook,” remarked one US Midwest steel insider, reflecting on the latest US-Iran peace proposal inked this week. “In most finished steel markets, US supply availability remains tight with mill order books reported healthy. Stable US scrap pricing and solid global energy gains also is providing a solid price foundation for continued gains.”
At last report, West Texas Intermediate crude oil (WTI) sold at about $77/bbl on June 19, off from a March 2026 high of $114/bbl reported in reaction to global supply chain and energy market jitters following the start of the US-Iran war. Prior to the Iran conflict on Feb 27, WTI traded at about $67/bbl.
On the domestic steel mill front, Charlotte, North Carolina-based Nucor’s Consumer Spot Price (CSP) -the posted base price it charges for hot-rolled coils across all of its regional mills- also was reported up again for a 22nd week, rising another $10/nt to $1,125/nt ($1,240/mt), or $56.25/cwt., up from $1,115/nt ($1,229/mt), or $55.75/cwt., on an FOB mill basis one week earlier. Nucor’s California Steel Industries (CSI) base price, also settled $10/nt higher to $1,175/nt ($1,295/mt), or $58.75/cwt., up from $1,165/nt ($1,284/mt), or $58.25/cwt., FOB mill, one week ago.
In the cold rolled coil markets, spot pricing continued still higher, finishing the week at on average $1,335/nt ($1,469/mt), or $66.65/cwt., up from last week’s $25/nt advance to $1,315/nt ($1,450/mt), or $65.75/cwt. Based on a $10/nt rise in weekly HRC prices and another $18/nt increase in weekly CRC values, the current spread between the two key steel grades increased $8/nt on the week to a recent high of $208/nt or $10.40/cwt., up from $200/nt or $10/cwt., one week earlier. Since the start of the Iran conflict on Feb. 28, US CRC spot prices have risen 16.93 percent, weekly SteelOrbis data shows.
In the hot-dipped galvenized markets, spot pricing increased to on average $1,325/nt ($1,461/mt), or $66.25/cwt., up from last week’s $25/nt jump to $1,305/nt ($1,439/mt), or $65.25/cwt. Since the start of the Iran conflict on Feb. 28, HDG base spot prices have risen more than 19 percent, weekly SteelOrbis data shows.
SteelOrbis data also reveals that the price of CRC remains higher than that posted for HDG for a fourth straight week, the first such time that this spread anomaly for the two key steel grades has occurred since June 2025, right around the time President Trump announced doubling of steel import tariffs from 25 percent to 50 percent.
