US flat steel prices were marginally lower this week amid ongoing reports of limited finished steel demand at producing mills and amid a growing expectation that June scrap could settle sideways to potentially lower during monthly scrap buy-cycle negotiations which will begin next week, flat steel insiders told Steel Orbis.
“Mills still have plenty of negotiating room (on current spot market pricing) if you have orders,” said one flat steel market insider to SteelOrbis. “The trend continues to be down.”
This week’s SteelOrbis spot HRC price average declined about $7.50/nt to on average $840/nt ($926/mt), or $42.00/cwt., off from on average $847.50/nt ($934/mt) or about $42/cwt., one week earlier. Given this week’s marginal HRC price decline, SteelOrbis weekly pricing data shows spot pricing has fallen about 11.6 percent or $110/nt ($121/mt), from a yearly HRC spot price high of $950/nt ($1,047/mt) logged during the week of March 17.
And while local spot HRC pricing fell, Nucor’s posted Consumer Spot Price (CSP) also dipped another $10/nt to $870/nt ($959/mt), or $43.50/cwt. The California Steel Industries (CSI) index fell another $20/nt to $920/nt ($1,014/mt), or $46.00/cwt.
In the cold rolled markets, following a previous minor weekly dip, local spot supply is offered on average $10/nt less at $1,040/nt ($1,146/mt), or $52.00/cwt., off from $1,050/nt, (1,157/mt) one week prior. Given falling CRC pricing and slight declines in HRC spot price levels, the weekly key price spread between the two steel grades fell $2.50/nt to $200/nt ($221/mt), or $10/cwt.
In the coated finished steel marketplace, spot HDG base product on a delivered basis is assessed in slow trade on average $10/nt less at $950/nt (1,047/mt), or $47.50/cwt., off from a wide $900-1,020/nt range reported one week ago.
During May scrap negotiations, Midwest shredded scrap declined on average $40/gt ($41/mt) to $375-380/gt ($381-387/mt), or $384/mt. June shredded scrap is last discussed flat to May to potentially down by another $20/gt to $355-360/gt ($361-366/mt). Since peaking for 2025 during March at on average $440/mt, Midwest shredded scrap prices have dipped nearly 13 percent. A further $20/gt decline for June shredded scrap would extent to lower trend to more than 23 percent.
“Supply and demand appear to be in balance,” said one Midwest mill scrap insider. “Maybe shred is a little weak.”