US flat steel pricing recovered previous weekly declines, fueled by a more bullish settle for November scrap pricing, even as steel futures prices continue to rally, market insiders told SteelOrbis.
While November scrap finished for the month mostly flat for November, market insiders said the fact that it failed to decline as pricing did during October supply negotiations, signals a more optimistic outlook is emerging for finished steel prices for the remainder of Q4 and into early 2026.
“November scrap settled sideways across all grades,” remarked one Midwest mill scrap buyer. “Everything seems to be in balance. Mills bought a little more scrap (during November) because less of them were in outage this month compared with last month, and, inventories are still high.”
Insiders also continue to report to SteelOrbis that steel market participants are increasing their use of futures instruments to cover the increased risks associated with ongoing US tariff-inspired cuts to steel imports, amid an environment of ongoing shifts in global metals supply chains.
On the Chicago Mercantile Exchange, hot-rolled coil (HRC) futures prices for November delivery were steady at $847/nt ($934/mt), or $42.35/cwt., while January futures rallied $5/ton to $895/nt ($987/mt), or $44.75/cwt.
On the supply side, US steel producer Nucor increased its weekly Consumer Spot Price (CSP) for hot-rolled coils a third straight time for the week of Nov. 10 to $895/nt ($987/mt), or $44.75/cwt. Prior to the recent price increases, the Nucor CSP was stable for eight straight weeks at $875/nt ($965/mt), or $43.75/cwt., while SteelOrbis weekly spot pricing for HRC was substantially less in the $800-820/nt range.
The weekly SteelOrbis HRC spot price average finished the week ended Nov. 7 in continued thin trade at $825/nt ($909/mt), or $41.25/cwt., up from $815/nt ($898/mt), or $40.75/cwt., one week earlier. SteelOrbis data shows HRC prices have increased more than three percent since bottoming during the week of Sept. 22 at $800/nt ($882/mt), or $40.00/cwt.
Market insiders told SteelOrbis a combination of reduced domestic flat steel supplies as a result of ongoing 50 percent Section 232 steel import tariffs, steady though thin demand across US demand sectors like automotive and construction, as well as stable raw material input costs have contributed to recent stability in finished steel spot prices.
In other flat steel markets, following an earlier weekly flat pricing dip, cold rolled coil average prices rebounded $10/nt to close the week ended Nov. 7 at $1,020/nt (1,124/mt), or $51.00/cwt., up from $1,010/nt ($1,113/mt), or $50.50/cwt., one week earlier. Given a $10/nt increase in both HRC and CRC prices, the current spread between HRC and CRC steel grades remains unchanged at $195/nt ($215/mt), or $9.75/cwt.
In the coated steel markets, the SteelOrbis hot-dipped galvanized steel average price for the week ended Nov. 7 rose on average $2/nt to 900/nt ($992/mt), or $45.00/cwt., up from $898/nt ($990/mt), or $44.90/cwt., seven days earlier. Insiders said it still remains to be seen whether recent claims that HDG spot pricing could be set for a significant price increase soon, following recent reports from the annual Metalcon trade show finding seller offers for G-90 coated steel product at $1,000-$1,400/nt ($1,102-1,543/mt).
