USA HRC Spot Prices Reach $1,150-$1,160 Range
Amid ongoing sparse spot market availability, hot-rolled coil (HRC) prices nonetheless continue to climb. WSD’s canvassing of market participants early this week points to spot prices for typical order sizes ranging from $1,150 to $1,160 per ton. Lead times are well into September, generally at 8-10 weeks.
“We’ve even had a few small tonnage orders at above $1,160 per ton,” a mill sales rep told WSD.
A steel trader added: “Automotive demand has been quite good, and that’s mainly keeping Cliffs busy with contract business and diminishing their presence in the spot market.” Other mills are also continuing to prioritize contract business, further lessening spot market activity, he added.
“Tubers are doing well,” added a Midwest service center buyer, pointing out that the Oil Country Tubular Goods market — a driver for HRC — has been robust.
“It’s tough finding domestic spot tons,” added a Midwest steel distributor, “so that’s why you’re seeing some more tonnage expected on the import side.” Indeed, import permits were up last month (see story below), and a few cargoes are expected to arrive after August.
Meanwhile, after holding offers at $1,130 per ton for two weeks, Nucor on Monday hiked its weekly Consumer Spot Price (CSP) for HRC a modest $5 to $1,135 per ton.
“It all depends on which mill, where, and when, will accept your spot order,” said another service center buyer. “I’d say right now $1,135- 1,140 per ton is an excellent price, $1,150 is good, and $1,160 isn’t terrible. But it takes some work to find spot tons because many of us are carrying leaner inventories.”
While market confidence remains strong, HRC futures settlements for July, August and September CME contracts on Monday were only about $20-$40 per ton above reported physical market prices.
WSD Take:
Nucor’s CSP for HRC rose $5 per ton this week after two weeks of flat pricing. Interestingly, over that stretch, key index prices, currently in the $1,140-$1,160 per net ton range, have surpassed the new Nucor price, a unique condition considering the CSP mechanism has acted as something of a market leader in spot pricing since the current rally began last October. WSD continues to believe there is additional upside for the market given the remarkably tight supply-demand dynamics in place: ultra-low inventories, long lead times and still-limited import volumes in the immediate term. Additionally, with Iran no longer under a ceasefire, the June relief in freight and energy costs reflected in this month’s CPI is likely to remain a point of fluctuation and uncertainty in cost dynamics, both for delivered goods and for the cost of producing steel, providing additional potential upside for prices in the near term.
Longer term, WSD continues to expect that sheet imports could rise substantially in the fourth quarter, as import orders out of South Korea and Turkey for sheet products appear to be growing; that tonnage is expected to begin entering the market in late September and early October. Imports have remained historically low, though they are up from a trough of about 5.5 million tons annualized in early 2026 to levels closer to 6.5 million tons annualized in May and early June. Given the pressure in the market, WSD expects sheet import levels to climb to as high as 8.0-8.5 million tons annualized, with imports acting as an extended spot market amid the scarcity of domestic spot tonnage, bringing some relief to pricing.