Bullish Steel Market in US for Longs and Flats; June Scrap Matches May
With the hot-rolled coil (HRC) spot price rally in the USA still in high gear, some mills turned attention to other steel products in recent days. Both Nucor (on Friday) and Steel Dynamics Inc (SDI, on Monday) independently advised customers of $40 per ton price increases on all merchant bar quality (MBQ) products—and up to $80/ton for certain larger sizes. The two big EAF producers also separately announced hikes of $50 per ton for most beam sizes.
And once again, Nucor increased its weekly Consumer Spot Price (CSP) for HRC on Monday by another $10 to $1,115 per ton from most mills, and to $1,165 per ton from CSI on the west coast.
“Timing is everything, right? And the latest steel product price increase announcements came soon after, or as it appeared scrap would settle sideways for June,” a steel trader noted. “It’s a domestic bull market right now that many are enjoying.”
In fact, market participants tell WSD that ferrous scrap settled fast this month—with most prime grades like No. 1 busheling and No. 1 bundles unchanged for June. Prices in most regions for these grades are still right around $450/gross ton. Market sources also tell WSD there is a lot of material on hand ahead of the hotter months—a time that tends to limit scrap collection.
As for its letter to customers Friday, Nucor Bar Mill Group wrote: “Effective for new orders received after the close of business on June 5th, 2026, the Nucor Bar Mill Group will increase prices on all Merchant Bar Quality (MBQ) products by $40 per ton ($2.00/cwt).” It added that select, larger structural sizes would also increase by an additional $40 for a total increase of $80 per ton ($4.00/cwt).
The $80/ton increase would apply to 6-,7-,8- and 10-inch channels; 6- and 7-inch equal/unequal angles, and 9-, 10- and 12-inch wide flats.
Nucor said that all confirmed orders as of the close of business on June 5th, 2026, would be price-protected if shipped by end of day, June 19th. Nucor also published on June 5th new price sheets for beam from Berkeley, South Carolina and Blytheville, Arkansas, showing $50 per ton higher prices for most sizes versus a price list sheet published just two weeks earlier (May 26th).
Nucor also published on June 5th new price sheets for beam from Berkeley, South Carolina and Blytheville, Arkansas, showing $50 per ton higher prices for most sizes versus a price list sheet published just two weeks earlier (May 26th).
SDI, on June 8th, published its own increases for both MBQ and beam, similar to Nucor’s increases.
Meanwhile, the HRC spot price rally keeps rolling right along. Market participants early this week pegged most average size order transactions at $1,125 per ton, or withing a range of $1,110-$1,140 per ton.
“But that $1,110 price is pretty much gone now,” one steel service center buyer told WSD. “Availability is still tight for spot material.”
A steel distributor pointed out that domestic mills are running at “about 80% of capacity, but a lot of that output is still being allocated to contract customers rather than the spot market.” Market players on both sides agree that lead times for HRC stretch well into August.
“We’re selling some HRC tonnage—smaller in volume—above $1,135 per ton,” a mill sales rep told WSD. “This week is pretty active so far.” Spot prices for cold-rolled coil (CRC) are said to be near $1,300/ton.
There have also been increases related to the surge in gasoline pricing. One of the most recent, on June 4th, SDI advised rail and structural customers of new, higher truck freight rates “to meet current market conditions.”
HRC futures traders are among the most bullish of all. Monday’s settlements on the CME were well above $1,125 per ton through November. What’s more, a couple of the opens early Tuesday saw highs above $1,200 per ton—specifically for the August and September contracts. The forward curve is steeper than a month ago.