US flat steel prices were steady this week amid extremely thin trade as finished steel demand continues to languish amid June scrap markets that appear to be settling sideways to a bit lower versus May, market insiders told Steel Orbis.
This week’s SteelOrbis spot HRC price average is assessed steady from one week earlier at $840/nt ($926/mt), or $42.00/cwt., off from on average $847.50/nt ($934/mt) or about $42/cwt., two weeks earlier. Given this week’s steady HRC price, 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.
On the mill side, Nucor’s posted Consumer Spot Price (CSP) also was steady following a previous weekly $10/nt decline at $870/nt ($959/mt), or $43.50/cwt., Interestingly, the California Steel Industries (CSI) index rose $10/nt from a week earlier to $930/nt ($1,025/mt), or $46.50/cwt.
In the cold rolled markets, following a previous minor weekly dip, local spot supply is offered steady at $1,040/nt ($1,146/mt), or $52.00/cwt., off from $1,050/nt, (1,157/mt) two weeks ago. Given stable CRC pricing and a steady HRC spot assessment, the weekly key price spread between the two steel grades stands at $200/nt ($221/mt), or $10/cwt.
In the coated finished steel marketplace, spot HDG base product on a delivered basis is assessed in continued slow trade at $950/nt (1,047/mt), or $47.50/cwt., off from a wide $900-1,020/nt range reported two weeks earlier.
During this week’s June scrap supply negotiations, Midwest shredded scrap was reported steady to May levels at $375-380/gt ($381-387/mt), or $384/mt. Since peaking for 2025 during March at on average $440/mt, Midwest shredded scrap prices have dipped nearly 13 percent.
“We’re expecting to see a sideways summer, and maybe the markets could trend higher if these tariffs hang around,” said one Midwest mill scrap buyer in the days following President Trump’s June 4 doubling of Section 232 steel and aluminum tariffs. “But, uncertainty remains high as it seems these announcements change every week.”
On May 30, US President Trump announced that existing 25 percent Section 232 steel and aluminum tariffs put in place on March 12, would be doubled to 50 percent, causing a global uproar and triggering more threats of trade retaliation from US trade partners. While media reports indicate Canada may retaliate with its own set of expanded tariffs, Mexico continues to seek tariff exemption and a resumption of talks centered around improving on the USMCA trade agreement that Trump engineered during his first term.