US domestic flat steel pricing continued to advance this week, driven by continued bullish market fundamentals that have seen hot-rolled coil pricing on steel futures exchanges rising through the end of 2026.
Insiders said the combination of steady growth in domestic finished steel demand, reduced steel imports as a result of ongoing Section 232 steel import tariffs, with continued strength in steel making raw materials markets, like scrap and pig iron, remain supportive for flat and other finished steel products.
In fact, pricing for hot-rolled coils futures contracts used as a hedging mechanism in excess of $1,075/nt ($1,185/mt), or $53.75/cwt., extend as far out as December, 2026. On May 22, HRC futures prices over a six-month period show a peak for August delivery at $1,169/nt ($1,289/mt), or $58.45/cwt., nearly 8 percent higher than current May 2026 weekly spot price levels as assessed by SteelOrbis.
This week, spot HRC traded on average $10/nt higher at $1,085/nt ($1,196/mt), or $54.25/cwt., up from last week’s FOB mill price average of $1,075/nt ($1,185/mt), or $53.75/cwt.
When asked about whether spot finished steel pricing likely would continue to be well supported over the next several months, one Washington, DC-based market analyst told SteelOrbis, “The answer is simple...protectionism...tariffs work.” He continued. “Since tariffs have been in play, we’ve seen a minimal employment reaction and a huge price increase reaction.”
Since US President Donald Trump doubled steel import tariffs from 25 percent to 50 percent on June 4, 2025, average weekly HRC prices have advanced from $840/nt ($926/mt), or $42.00/cwt., an increase of 29.2 percent. During the same period, however, the price of Midwest prime busheling scrap, used in HRC generation, has risen less than 1 percent to on average $460/gt ($467/mt).
“What you’re seeing is just margin expansion on the part of mills being driven by a lack of imports,” the Washington-based analyst said.
This week, Charlotte, North Carolina-based Nucor posted higher flat steel prices again, with its Consumer Spot Price (CSP) for flat-rolled coils posting an 18th weekly gain over the past 20 weeks to $1,090/nt ($1,202/mt), or $54.50/cwt., on an FOB mill basis, up from last week’s showing of $1,080/nt ($1,191/mt), or $54.00/cwt. Nucor’s California Steel Industries (CSI) CSP index also rose $10/nt to finish the week at $1,140/nt ($1,191/mt), or $57.00/cwt., up from at $1,130/nt ($1,246/mt), or $56.50/cwt., one week earlier.
In the cold rolled coil markets, spot prices saw additional $20/nt price increases to settle the week at $1,252/nt ($1,380/mt), or $62.60/cwt., up from last week’s price average at $1,232/nt ($1,358/mt), or $61.60/cwt., on an FOB basis. Based on a $10/nt rise in weekly HRC prices and a $20/nt increase in weekly CRC values, the current spread between the two key steel grades increased $10/nt on the week to $167/nt or $8.35/cwt.
In the weekly coated steel markets, spot hot-dipped galvanized finished steel pricing averaged additional $15/nt gains to settle the week at $1,245/nt ($1,372/mt), or $62.25/mt), up from $1,230/nt ($1,356/mt), or $61.50/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 twelfth 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 22, US benchmark West Texas Intermediate crude oil (WTI) pricing ranged between $96-$98 a barrel, off from $97-$109/bbl a week earlier, while globally, Brent crude oil traded between $87-$105/bbl, compared with $97-109/bbl one week earlier. Before the February 28 start of the war, WTI traded near $64/bbl, while Brent crude traded near $70-71/bbl.
