USA HRC Spot Prices Hit/Top $1,000 per ton
Several mill reps in the US market told WSD in the last two weeks that there was some hot-rolled coil (HRC) being sold at $1,000 per ton or slightly higher for limited tonnage and based on feedback from market participants early this week, that now appears to be the norm. In fact, Nucor increased its Consumer Spot Price (CSP) for HRC by $15 per ton to $1,005/ton on Monday.
“We’re seeing good activity in our markets,” a Midwest service center buyer told WSD Tuesday. “We’ve needed to restock and service our customers. With a big order, maybe you can find a mill still at $990-$995, but $1,000-$1010 is not unreasonable (for a typical size order),” he added.
The last time Nucor increased its CSP by $15 was November 17. It’s also the first time the company’s offer has gone above the $1,000 mark since it was launched nearly two years ago (April 8, 2024).
“A lot of it is seasonal,” noted a steel distributor in the South, who recalled that last year at this time Nucor was boosting the CSP price by about $20 per week (see below). “This is an active time for most of us and overall business has been solid,” he added.
The same source pointed out that HRC spot prices then started to level off and slip in early April of last year. A steel trader, however, told WSD that the current, sustained rally might have longer legs this year.
“Domestic demand is good. Lead times are out to 8-10 weeks at some mills. Imports are not a factor, and some mills are planning maintenance downtime in the spring,” he acknowledged. “Also, based on the CME’s forward curve for hot rolled coil, there is positive market sentiment.”
That positive sentiment, based on CME HRC futures settlements on Monday, appears to carry into the May contract — at least.
Also reflecting upbeat sentiment, the Institute for Supply Management® (ISM®) Manufacturing PMI® for February was reported at 52.4% on Monday, attributed to growth in new orders and production. A reading above 50 is generally interpreted as a sign of expansion. Economic activity in the manufacturing sector expanded for the second straight month but only the third time in 40 months, according to the nation’s supply sector executives.
Elsewhere, as the ferrous scrap buying period gets underway, most market participants see a sideways March—possibly an up $10 market in some regions/grades.
WSD Take: Hot-rolled coil (HRC) prices in the United States have regained notable momentum, breaking above the $1,000 per ton threshold and continuing to firm as the market moves into March. The recent price strength suggests that the upward cycle, which began taking shape in the fourth quarter, remains intact.
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 tangible 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 that has persisted since October.
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, momentum is clearly to the upside. The durability of this move, however, will ultimately depend on whether domestic demand can outpace the inevitable pull of global price convergence.