US flat steel prices moved lower this week, following a recent weekly price peak, as the expectation for April scrap pricing is discussed steady to lower during monthly supply negotiations that start next week, market insiders told SteelOrbis.
Mill contacts tell SteelOrbis current scrap shipments to mills remain strong, with suppliers reportedly lowering scale prices for their shredded scrap purchases. April scrap is last reported steady to potentially $20-30/nt ($22-32/mt), down following a three-week period where pricing was seen mostly steady to March pricing.
“There seems to be pockets of scrap available,” said one Midwest scrap insider. “Better weather has brought out shed feed, and steel prices may have peaked or stalled,” he said. “Tariffs are also continuing to create uncertainty.”
“I am still hearing sideways, but admit we could see a price drop in April,” said another Midwest scrap insider.
In weekly flat steel spot markets, the SteelOrbis weekly spot average for hot rolled coils (HRC) fell $2.50/cwt., or by $50/nt ($55/mt) to $900/nt ($992/mt), or $45.00/cwt.. Prices peaked last week at $950/nt ($1,047/mt), or $47.50/cwt., and since the beginning of 2025, HRC prices had increased 24.84 percent.
Flat steel market insiders said recently domestic flat steel price increases were making imports more attractive, even given recent 25 percent tariffs levied by the Trump administration March 12 as well as adding current anti-dumping rates from key HRC exporting countries.
This week, export HRC from Turkey on an FOB port basis is assessed at $575/mt, down $5/mt from a week earlier. Since the beginning of 2025, Turkish HRC prices on an FOB port export basis have increased a more conservative 8.4 percent. FOB port export offers from Egypt were heard at $565-570/mt, market insiders told SteelOrbis.
In the cold rolled markets, spot CRC is assessed at $1,150/nt ($1,268/mt), or $57.50/cwt., off from an average $1,160/nt ($1,279/mt), or $58.00/cwt., one week prior. At present, the current key trading spread between HRC and CRC increased by $40/nt ($44/mt) to $250/nt ($276/mt), or $12.50.cwt., up from $210/nt ($239/mt), or $10.50/cwt., one week earlier.
Following steady pricing reported a week earlier, spot HDG is assessed $50/nt ($55/mt) less at $1,100/nt ($1,213/mt), or $55.00/cwt., off from a range reported at $1,100-$1,200/nt ($1,213-1,323/mt), or $55.00-60.00/cwt., seven days ago. Trading remains limited, contacts said, pending the outcome of a US Commerce Department investigation into anti-dumping allegations expected in early April.
