USA HRC Spot Price Holds Steady in $1,005-$1,020 Range
Market participants tell WSD the spot market for hot-rolled coil is retaining its strength early this week with prices ranging from $1,005-$1,020 per ton for typical order volumes. Lead times are at about eight weeks, according to most buyers, and mill reps say order books are brimming.
“In fact, one major producer is running behind on orders to service centers,” a Midwest buyer confirmed. “They’re about three to four weeks late, which is contributing to the market’s overall tightness. If and when they catch up, prices could level off.”
Nucor on Monday again raised its Consumer Spot Price for HRC by $5 to $1,015 per ton.
Meanwhile, traders tell WSD that flat-rolled import cargoes are again being booked, generally on a back-to-back basis, with sales taking place soon after arrival. One said material on the ground in Houston is now at about $930-$960 per ton landed and duty paid.
He explained that importers are also enjoying the buoyant US market pricing for now, but future cargoes are currently being booked in the $840-$880 per ton range, which should become a factor by June or July. “The thing is,” he said, “the bottom is higher—maybe $850 per ton.”
South Korea is said to be the most active player for both hot-rolled and cold-rolled, and Algeria is another emerging presence.
HRC futures contracts saw quotes all north of $1,015 per ton in early Tuesday trading—with a high mark of $1,065 for the May contract.
WSD Take:
Hot-rolled coil prices in the United States have regained notable momentum, with prices surging to $1,010- $1,020 per ton in recent weeks.
Since early in the year, WSD has emphasized the critical role demand would play in shaping the 2026 pricing trajectory. Thus far, demand appears to be showing signs of resilience. Both manufacturing and construction activity are contributing to improved order flow, while service center inventories remain relatively lean. At the same time, import volumes have stayed subdued, reinforcing the tight supply-demand balance.
This combination of steady domestic consumption, disciplined inventories, and limited foreign competition has allowed mills to push prices higher with measurable traction. In the near term, further gains appear likely if these conditions hold. That said, sustained pricing above $1,000 per ton may prove more difficult to maintain. As the spread between US and global steel prices widens, arbitrage opportunities become increasingly attractive to buyers. Higher relative US spot prices would likely incentivize a rebound in import volumes, gradually easing the tightness that has supported the rally.
For now, market psychology is clearly working to aid pricing stability; however, in the absence of a more significant boost in demand; supply is expected to over-shoot demand in the coming months as new capacity ramps up and import supply increases. Prices could see a swift $30-$50/ton correction by early summer.