US flat steel prices were steady to slightly lower this week as new so-called “reciprocal” trade tariffs originally slated to go into effect on Aug. 1 were delayed an additional week by the Trump administration.
The one-week delay, following the formalization of several key trade deals as late as July 31, did little to calm continued uncertainty in US financial markets with many indicators moving sharply lower at midday Aug.1. Some insiders contend the effects of tariffs could further restrict trade and contribute to reduced economic growth and higher inflation in the US and abroad. Markets also reacted negatively to sharply lower revised employment numbers and this week’s failure by the US Federal Reserve to lower the key overnight bank lending rate, which has remained at 4.25-4.50 percent since December 2024.
Steel market insiders told SteelOrbis they remain optimistic recent strength in US steel markets will continue, even as the Trump administration on July 30 exempted Brazil from threatened 50 percent tariffs on imported pig iron that was expected to bolster the price of August scrap, following more than three months of stable US scrap prices, SteelOrbis data shows.
“It looks like the [August scrap market] may move sideways in lieu of the now exempt tariffs on pig iron from Brazil,” said one Midwest scrap dealer. “I still feel though that there could be some momentum for prices given the optimism that exists in the steel business today.”
“HRC pricing is very flat,” remarked another flat steel insider, following this week’s unexpected 11th-hour announcement of a tariff exemption for imported pig iron.
This week, the SteelOrbis spot average price for hot-rolled coils is assessed steady at $870/nt ($959/mt), or $43.50/cwt., following a $10/nt increase one week earlier.
In other flat steel markets, spot CRC is reported steady to a week ago in limited trade on average at $1,075/nt, ($1,185/mt), or $53.75/cwt., up from $1,065/nt ($1,174/mt), or $53.25/cwt., two weeks earlier. Given flat HRC pricing and steady CRC weekly values, the weekly key price spread between the two steel grades remains unchanged at $205/nt, or $10.25/cwt., up from $200/nt ($220/mt), or $10/cwt., three weeks earlier.
In the coated steel markets, spot HDG grade steel declined on average $5/nt to $1,005/nt ($1,107/mt) or $50.25/cwt., off from an average $1,010/nt, ($1,113/mt) one week ago.
On the mill side, key US steel maker Nucor kept its Consumer Spot Price (CSP) for HRC steady for a second week at $900/nt ($992/mt), following an earlier decline from $910/nt ($1,003), or $45.50/cwt., a price it held for three previous weeks.