US flat steel pricing continued higher this week, ahead of this week’s US Thanksgiving Day holiday, driven by continued reports of tariff-related domestic supply reductions that have buoyed prices since late-September, even as the outlook for December scrap pricing continues sideways to potentially up ahead of monthly supply negotiations expected to start next week.
Market insiders tell SteelOrbis the fact that November and December scrap failed to decline as pricing did during earlier October supply negotiations, indicates a more bullish outlook continues to dominate many insider finished steel discussions for the remainder of Q4 and into early 2026.
“It’s all sideways talk right now,” remarked one Midwest mill scrap buyer. “Scrap is flowing and dealers aren’t reporting any issues. We do, however, see [prices] higher in January, though.”
And while most survey respondents expect sideways pricing for December scrap across most grades, several contacts told SteelOrbis they would not be surprised to see a small $10/gt increase for December Midwest shredded scrap grades, most likely the result of continued strength and scant supply availability in long steel markets, they said.
“While most grades are seen flat, obsolete scrap grades like shredded scrap are looking $10 a ton higher,” remarked another Midwest flat steel trader.
“Right now, the December scrap markets are quiet, today more than yesterday, with the Thanksgiving holiday coming,” said a final scrap insider. “We’ll have to see what early next week brings.”
US pipe prices, often referenced in flat steel discussions, continued trending higher this week amid rising flat steel values.
“Standard ERW X-52 pipe prices were up about $20 a ton on the heels of continued price increases seen in flat steel,” said one Midwest pipe trader that follows flat steel for pipe pricing clues. “We’re seeing flat rolled coils trading from $865/nt to $880/nt ($954-970/mt), or $43.25-44.00/cwt., this week.”
On the supply side, US steel producer, Charlotte, North Carolina-based Nucor, increased its weekly Consumer Spot Price (CSP) for hot-rolled coils for a fifth week, up another $5/nt following a previous $15/nt weekly rise to $915/nt ($1,009/mt), or $45.75/cwt., up from $910/nt, ($1,003/mt), or $45.50/cwt., one week ago. Prior to the recent weekly price increases, the Nucor CSP was flat for eight weeks at $875/nt ($965/mt), or $43.75/cwt., while spot prices continued an upward trend.
The weekly SteelOrbis HRC spot price average finished the week up $8/nt to on average $873/nt., ($962/mt), or $43.65, up from $865/nt ($954/mt), or $43.25/cwt., one week earlier. Since bottoming at $800/nt during the week of September 22, SteelOrbis historical data shows HRC spot prices have risen more than 9 percent.
On the Chicago Mercantile Exchange, hot-rolled coil (HRC) futures prices continued mixed this week, with traders taking profits from earlier gains seen in front month contracts and bidding out months up. Following the November expiration, December front-month contracts traded Nov. 26 at $900/nt, ($992/mt) down $2/nt on the day though a full $12/nt less on the week. January contracts showed at $929/nt ($1,024/mt), off $3/nt on the day though off a full $5/nt for the week. February contracts sold $3/nt higher on the day, though ended flat for the week at $915/nt ($1,008/mt) versus one week earlier. March and April contracts finished higher.
In other flat steel markets, cold rolled coil pricing rose on average $5/nt to close the week at $1,050/nt, ($1,157/mt), or $52.50/nt., up from $1,045/nt seven days earlier following a previous $30/nt weekly gain. Given an $8/nt weekly increase in HRC prices and a $5/nt rise in CRC values, the current spread between HRC and CRC steel grades stands at $177/nt ($195/mt), or $8.85/cwt., off from $180/nt ($198/mt), or $9/nt seven days earlier.
In the coated steel markets, the SteelOrbis hot-dipped galvanized base supply price without extras continues to rise, finishing the week at $970/nt ($1,069/mt), or $48.50/cwt., up a full $24/nt from $946/nt ($1,043/mt), or $47.30/cwt., reported seven days earlier. As G-90 pricing with coating extras continues higher on a weekly basis, 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 soon. SteelOrbis spot HDG pricing including coating extras is discussed at $1,060/nt ($1,168/mt) or $53.00/cwt., at last report.