US flat steel prices were steady to lower this week following a recent “panic-buying peak” in finished steel prices, as late-April demand remains unremarkable, insiders told SteelOrbis. A continuing lower expectation for scrap prices through the second quarter and continued uncertainty about the effects of steel tariffs on global and domestic finished steel demand levels through the second and third quarters is causing finished steel spot markets to continue to trend down, they said.
This week, the market expectation for May prime busheling and shredded scrap grades was reported to be about $20/gt lower than their April equivalents, as inventories are reported growing while demand expectation from mills appears more limited, insiders said. And, while it’s early, P&S and HMS cut grades are seen sideways to down, insider said, especially since scrap demand overseas for US HMS I/II export scrap continues to falter, with little new buying expected from Turkey.
“Mills are not that busy,” commented one US Midwest flat steel trader. “Demand is not booming exactly.”
Insiders said flat steel sellers are now offering discounts on more sizable transactions in order to move products and maintain cash flow as US demand begins to languish.
“If you go with big tons, I’m hearing deals are getting done in the $840-$850/nt range ($926-937/mt, or $42.00-42.50/cwt.), said another flat steel insider.
“We’re seeing actual buys from Midwest mills done at $850/nt,” said yet another Midwest steel service center contact. “We see prices softening a little, but (the market remains) very confused right now, because there’s really not a whole lot of demand from our perspective.”
In weekly flat steel spot markets, the SteelOrbis weekly spot average for hot rolled coils (HRC) fell on average $50/nt ($55/mt) to $850/nt ($937/mt), or $42.50/cwt., off from $875-925/nt ($965-1,020/mt), or on average $900/nt ($992/mt), or $45.00/cwt., one week prior. During the past two weeks, HRC coil spot pricing has fallen $100/nt ($110/mt), or $5/cwt., SteelOrbis data shows.
Even as hot rolled product prices fell, weekly steel pipe and plate pricing remained stable at previous-weekly levels, as new demand remains minimal, pipe and plate insiders told SteelOrbis. According to data from Baker Hughes, for the week ending on April 17, 2025, the US rotary rig count increased by two to 585 rigs, while the number of active rigs drilling for gas increased by one to 98 rigs. The number of rigs drilling for oil rose by one to 487 rigs, while the overall US rig count was down by 34 rigs in a year-on-year comparison. Meanwhile, the Canadian rig count fell by four to 134 rigs in the week ending April 17. The Canadian rig count was up by seven compared to the same reporting period in the previous year.
On the mill side, Nucor’s Consumer Spot Price (CSP) for flat-rolled coils was steady this week, following a marginal decline a week earlier to $930/nt ($1,025/mt) FOB mill, or $46.50/nt. Prior to this week’s decline, pricing from Nucor was stable at $935/nt ($1,031/mt) for several weeks. Steel insiders continue to say that mills remain reluctant to raise posted prices for fear of losing market share to imports able to compete, despite 25 percent steel tariffs. Nucor’s primary competitor, Cleveland, Ohio-based Cleveland Cliffs, offers May HRC at $975/nt ($1,075/mt), or $48.75/cwt., though it remains unclear how much activity is happening given the current low-priced pricing environment.
In the cold rolled markets, prices were reported stable despite declining HR pricing, with spot CRC last discussed on a delivered basis at $1,140-1,155/nt ($1,257-1,273/mt), or on average $1,148/nt. Given this week’s lower HRC pricing and stable CRC values, the current key trading spread between HRC and CRC rose by $50/nt to $298/nt ($328/mt), or $14.90/cwt.
Coated steel insiders said spot HDG base product is assessed flat this week at $1,115-1,120/nt ($1,229-1,235/mt), or $55.75-56.00/cwt., following a $32.50/nt decline a week earlier from $1,150/nt ($1,268/mt), or $57.50/cwt., on a customer delivered basis.