US flat steel pricing continued mostly higher this week, continuing a trend that began in late-September, as available supply remains limited with tariff-inspired supply reductions even as some market insiders report demand may be improving across key sectors like automotive and construction. Steady to higher raw material input costs in the way of scrap also continues to contribute to recent strength in finished steel prices, they said.
And while November scrap finished for the month mostly flat during supply negotiations, market insiders said the fact that it failed to decline as pricing did during earlier October supply negotiations, indicates a more bullish outlook is emerging for finished steel demand for the remainder of Q4 and into early 2026. The December scrap outlook this week also continues steady to higher for a second week.
On the supply side, US steel producer Nucor increased its weekly Consumer Spot Price (CSP) for hot-rolled coils for a fourth straight week, up another $15/nt to $910/nt, ($1,003/mt), or $45.50/cwt., up from last week’s $895/nt ($987/mt), or $44.75/cwt. Prior to the recent weekly price increases, the Nucor CSP was flat for eight straight weeks at $875/nt ($965/mt), or $43.75/cwt., while spot prices began to inch up.
The weekly SteelOrbis HRC spot price average finished the week at $865/nt ($954/mt), or $43.25/cwt., up $10/nt from this past week’s $855/nt ($942/mt), or $42.75/cwt. Since bottoming at $800/nt during the week of September 22, SteelOrbis historical data shows HRC spot prices have risen more than 8 percent.
And, while spot prices continue to rise, not all buyers think the trend is sustainable, given their perceived levels of paltry demand.
“Over just the last two weeks, a number of HRC and CRC buyers are saying that bargains are beginning to dry up,” reported one US East Coast-based flat steel market insider. “Sellers continue to quote higher prices, while buyers are trying to resist at least for now. Notably, they say their tonnages are not improving much, so recent price hikes are doubly unwelcome.”
On the Chicago Mercantile Exchange, hot-rolled coil (HRC) futures prices were more mixed at week end, following a recent rally, with front month contracts generally up, while further-out months dipped in daily trade as traders took profits ahead of the weekend. However, when comparing pricing on a weekly basis, contract values continue to rally.
November contracts traded Nov. 21 at $857/nt ($945/mt), or $42.85, are up from $856/nt ($944/mt), or $42.80/cwt., one week prior, while December traded at $912/nt ($1,005/mt), or $45.60/cwt., up from $900/nt ($992/mt), or $45.00/cwt., seven days earlier. And, while January contracts were down $6/nt on the day on profit taking, on a weekly basis, the first month of 2026 sold $9/nt higher at $934/nt ($1,030/mt), or $46.70/cwt., compared with $925/nt ($1,020/mt), or $46.25/cwt., seven days before.
In other flat steel markets, cold rolled coil average prices fell on average $5/nt following a previous $30/nt weekly gain to close the week at $1,045/nt ($1,152/mt), or $52.25/cwt., off from $1,050/nt ($1,157/mt), or $52.50/cwt., one week prior. Given a $10/nt increase for HRC and a $5/nt dip in CRC values, the current spread between HRC and CRC steel grades stands at $180/nt ($198/mt), or $9/nt, off from a $195/nt ($215/mt), or $9.75/cwt., a level it maintained for three straight weeks.
In the coated steel markets, the SteelOrbis hot-dipped galvanized base supply price without extras continues to rise, finishing the week of Nov. 17, at $946/nt ($1,043/mt), or $47.30/cwt., up from $930/nt ($1,025/mt), or $46.50/cwt., seven days earlier. As G-90 (extras included) pricing continues to rise, quoted this week at $1,030/nt ($1,135/mt), it is becoming clearer that recent reports from the annual Metalcon trade show noting seller offers at $1,000-$1,400/nt ($1,102-1,543/mt) are more likely to realized.