US flat steel prices rose this week amid insider reports that 50 percent steel tariffs, which went into effect on June 4, will reduce import availability, making it easier for domestic mills to continue increasing their prices, flat steel insiders told SteelOrbis.
Following the start of increased tariffs on June 4, several domestic mills have announced price increases, including steelmaker Nucor, which raised its Consumer Spot Price (CSP) for hot-rolled coils for the first time since the week of March 24. Nucor’s CSP increased by $20/nt ($22/mt) to $890/nt ($981/mt) or $44.50/cwt. On May 22, Nucor competitor Cleveland-Cliffs announced that its hot-rolled (HR) market price for June would be $910/nt ($1,003/mt) or $45.50/cwt.
“I think mills are at $860 and above (for HRC), but it seems there are some low-priced inventories on hand at trader shops and service centers,” said one Midwest flat steel insider. “Prices kind of remain all over the place, where I’m hearing offers for $52.00-55.00/cwt. for hot-dipped galvanized (HDG) base, but some service centers are cutting deals at lower prices.”
While weekly pricing increased amid heightened tariff uncertainty, some insiders predict that, in the long term, flat steel pricing could trend downward by the end of the third quarter of 2025, especially if domestic demand remains unremarkable.
“Not only scrap, but coils are headed down in my opinion,” one Midwest insider told SteelOrbis. “$900/nt for HRC?”,” he questioned. “I see (HRC) more around $800/nt by September or even lower if current (demand) conditions prevail.”
This week’s SteelOrbis spot HRC price average is assessed in an $860-880/nt range, ($948-970/mt), or an average of $870/nt, up from $840/nt ($926/mt), or $42.00/cwt., one week earlier. Despite this week’s higher HRC price, SteelOrbis weekly pricing data shows that spot pricing still remains 8.4 percent lower than the 2025 HRC spot price high of $950/nt ($1,047/mt) reported for the week of March 17.
In the cold rolled markets, spot supply is offered at an average of $1,060/nt ($1,168/mt), or $53.00/cwt., which is $20/nt higher than last week’s recorded average of $1,040/nt ($1,146/mt). Due to higher CRC pricing and an increasing HRC spot assessment, the weekly price spread between the two key steel grades is $190/nt, down from $200/nt ($221/mt), or $10.00/cwt., seven days ago.
In the coated finished steel marketplace, the spot price of HDG base product is assessed in a wide range of $48.00-55.00/cwt. delivered, with most transactions noted at $1,030/nt ($1,135/mt), or $51.50/cwt., up from $950/nt (1,047/mt), or $47.50/cwt., seven days ago.