US domestic flat steel pricing continued to advance this week, with spot hot-rolled coil (HRC) pricing continuing to advance beyond last week’s $1,100/nt level ($1,213/mt), or $55.00/cwt., even as a new peace deal with Iran appears to be ready for signatures, potentially as early as this weekend.
Following the resumption of US airstrikes into Iran earlier this week, US President Trump announced June 11 that a new memorandum of understanding was expected to be signed by Iran as early as this weekend, which would result in the eventual re-opening the Strait of Hormuz which has been largely closed since hostilities began in late February, and an end to Iran’s nuclear weapons program. Brent crude oil prices, which have been elevated since the February 28 start of the war, were trading at $82-83 per barrel (/bbl) on June 12, off about $3-5/bbl since Trump’s most recent peace deal announcement.
And while elevated levels of market risk for global steel shippers may be reduced soon, US domestic finished steel pricing remains higher as a result of steady US steel demand, sharp reductions in imports as a result of ongoing 50 percent Section 232 steel tariffs, as well as high steel raw material costs in the form of ferrous scrap. Recent media reports on the possibility of new 25 percent Brazilian pig iron tariffs also could bolster raw material prices here at home, while overseas markets could slump, as Brazil currently supplies more than 83-85 percent of its basic pig iron (BPI) supply directly to the US.
In the weekly HRC markets, the SteelOrbis weekly spot price finished the week on average $8/nt higher at $1,115/nt ($1,229/mt), or $55.75/cwt., up from the prior week’s $10/nt advance to $1,107/nt, ($1,220/mt), or $55.35/cwt., on an FOB mill basis. Since the start of the Iran conflict on Feb. 28, HRC spot prices have risen 11.4 percent, weekly SteelOrbis data shows.
This week, Charlotte, North Carolina-based Nucor continued to increase its flat steel prices for a 21st straight week, posting its Consumer Spot Price (CSP) for hot-rolled coils (HRC) $10/nt higher on an FOB mill basis at $1,115/nt ($1,229/mt), or $55.75/cwt., up from $1,105/nt ($1,218/mt), or $55.25/cwt., one week earlier. Nucor’s California Steel Industries (CSI) CSP index also rose another $10/nt to finish the week at $1,165/nt ($1,284/mt), or $58.25/cwt., up from the prior week’s $1,155/nt ($1,273/mt) or $57.75/cwt., posted price.
In the cold rolled coil markets, spot pricing continued to post gains, advancing another $25/nt to $1,315/nt ($1,450/mt), or $65.75/cwt., up from the prior week’s $20/nt advance to $1,290/nt ($1,422/mt), or $64.50/cwt. Based on a $8/nt rise in weekly HRC prices and another $25/nt increase in weekly CRC values, the current spread between the two key steel grades increased $17/nt on the week to $200/nt or $10/cwt., up from $183/nt or $9.15/cwt., a week ago. Since the start of the Iran conflict on Feb. 28, CRC spot prices have risen 15.35 percent, weekly SteelOrbis data shows.
In the hot-dipped galvenized markets, spot pricing rose another $25/nt to end the week at $1,305/nt ($1,439/mt), or $65.25/cwt., up from last week’s $10/nt increase to $1,280/nt ($1,411/mt), or $64.00/cwt., up from last week’s $25/nt increase to $1,270/nt ($1,400/mt), or $63.50/cwt. Since the start of the Iran conflict on Feb. 28, HDG base spot prices have risen 18.1 percent, weekly SteelOrbis data shows.
Interestingly, the price of CRC remains higher than that posted for HDG for a third straight week, the first such time that this spread anomaly for steel grades has occurred since June 2025, right around the time President Trump announced doubled 50 percent steel import tariffs.
