USA HRC Spot Offers Increase, Transactions at $840-$860/ton

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At least two US flat-rolled steel mills have increased offers for hot-rolled coil (HRC) in recent days, motivated by greatly diminished imports that are seen sinking further in the fourth quarter, extended lead times and steady demand. NLMK, according to customers citing a letter from the re-roller, raised prices by $50/ton ahead of the weekend, and Nucor increased its Consumer Spot Price (CSP) for HRC by $10 to $885/ton—its first hike since August 25—on Monday.

Market participants, however, tell WSD that transactions are generally taking place in the $840-$860/ton range for typical size orders and depending on mill and location. “Order activity has improved,” a mill rep said, “and some lead times at certain mills are through the end of the year.”

Canada is out of the US market, according to a steel trader, “and after Trump’s latest decision to suspend trade talks with Canada, that does not appear to be changing anytime soon. In fact, Q4 imports from all countries will likely be at their lowest level in years.”

President Trump canceled all trade negotiations with Canada and raised tariffs by another 10%, after taking issue with Ontario running an ad that used audio from a five-minute President Ronald Reagan radio address delivered in 1987. The one-minute ad focused on the former president as a supporter of free trade, while the full speech laid out his decision to impose tariffs on several Japanese products 38 years ago. Trump blasted the ad as “FAKE” in a post on Truth Social.

“Inventory is trending lower in some segments of the market, but not enough to spark a major buying spree,” a Midwest service center buyer said. “In terms of spot pricing for flat products, the fourth quarter is looking stronger—but not much more than current levels,” he added.

In its earnings call presentation on Tuesday, Nucor highlighted some potential flat-roll steel catalysts for the near- and mid-term. The company pointed to imports retreating further, incremental demand from energy and data centers, steel bridges, the border wall and other infrastructure, new construction projects fueled by further Federal Reserve rate cuts, and overall leaner flat steel inventories.

Meanwhile, HRC Futures trading on the CME as of early Tuesday showed a contango market about $10/ton shy of $900/ton.

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