US domestic flat steel markets continued to advance toward levels unseen since early 2024, as domestic supply remains tight while demand appears to be “steady to improving,” market insiders told SteelOrbis this week.
Since finished steel imports remain nearly 40 percent lower than reported one year ago due to US President Trump’s implementation of 50 percent steel import tariffs in June 2025, insiders told SteelOrbis that US mills continue to operate near 80 percent of their installed capacity in order to keep up with demand. And, as US mills operate at capacity levels unseen since August 2024, insiders say producers remain fairly confident the market will accept higher domestic spot pricing levels.
A growing market sentiment that prices for flat steel products could remain elevated through summer is seen in the US flat steel futures markets, where May HRC futures contracts traded May 8 at $1,078/nt ($1,180/mt), or $53.90/cwt., though further out in the monthly complex, August HRC futures peaked as high as $1,135/nt ($1,251/mt), or $56.75/cwt. All months following the May contract traded in excess of $1,100/nt ($1,213/mt), or $55/cwt.
In the hot-rolled coil markets, weekly SteelOrbis surveys show flat steel pricing on an FOB basis rose another $5/nt to on average $1,068/nt ($1,177/mt), or $53.40/cwt., up from $1,063/nt ($1,172/mt), or $53.15/cwt., one week earlier. SteelOrbis weekly data shows HRC pricing has increased nearly 17.4 percent since the beginning of 2026, as US supply availability has remained scant.
This week, Charlotte, North Carolina-based Nucor continued to post increases for its Consumer Spot Price (CSP) for flat-rolled coils for a 16th time in 18 weeks. The CSP rose another $5/nt on an FOB mill basis to $1,070/nt ($1,179/mt), or $53.50/cwt., up from $1,065/nt ($1,174/mt), or $53.25/cwt., one week earlier.
Since the end of October, when CSP prices started a steady weekly advance following an extended period of stability at $875/nt, the Nucor CSP has increased more than 22 percent. Nucor‘s California Steel Industries (CSI) price also continued higher, increasing another $5/nt to $1,120/nt ($1,235/mt), or $56/cwt., on an FOB basis versus last week’s $1,115/nt ($1,229/mt) or $55.75/cwt.
In the cold rolled coil markets, spot prices saw additional $20/nt weekly price gains to on average $1,220/nt ($1,345/mt), or $61/cwt., on an FOB basis, up from $1,200/nt ($1,323/mt), or $60/cwt., one week ago. Based on a $5/nt rise in weekly HRC prices and a $20/nt increase in weekly CRC values, the current spread between the two key steel grades increased $15/nt on the week to $152/nt or $7.60/cwt.
In the weekly coated steel markets, spot hot-dipped galvanized pricing averaged $20/nt price gains to settle the week at $1,215/nt ($1,339/mt), or $60.75/cwt., up from $1,195/nt ($1,317/mt), or $59.75/cwt., on an FOB basis one week earlier.
On the energy side, continued uncertainty in the Middle East as the US-Iran-Israel war enters its tenth week, combined with shaky peace talks and an ongoing US blockade of the all important Strait of Hormuz, has caused global oil prices to soar to their highest levels in more than four years. This week, US benchmark West Texas Intermediate crude oil (WTI) pricing ranged between $93-98 per barrel (/bbl), off from last week’s $94-$111 per barrel (/bbl) range, while globally, Brent crude oil traded between $96-104/bbl, off from $101-$126/bbl one week ago.
