USA:  August 28, 2025:  USA HRC Spot Prices Stable Between $830-$850/ton

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After reportedly hitting a big-tonnage low of $810-$820 last week, according to a few buy-side market participants, the spot price of US-made, hot-rolled coil (HRC) is now steadying at prices of $830-$850 per ton, depending on order size and mill location.

“Those were outliers, anyway,” a mill rep told WSD of the barely above $800 per ton reported pricing, “and not reflective of the market at large.” Still, spot buying in a large way just isn’t happening.

Another steel supplier said customers are “just tacking on a few extra tons here and there to their contract volumes.” Such practice, coupled with just so-so demand, makes for a subdued spot market. A steel trader had told WSD that buyers were inquiring only about specific sizes in Gulf Coast import warehouses, rather than volume.

Nucor, however, is clearly looking to stop the spot price slide. The company raised its Consumer Spot Price (CSP) for HRC on Monday $10 to $875/ton, the first increase since a June 30th $10 bump back up to $910. Thereafter, through August 18, the CSP declined about 5% to last week’s mark of $865/ton.

WSD Take: Amid a weak demand environment that has been riddled with uncertainty due to waves of tariff policy, steel buyers have opted to limit orders as inventories slowly burn off.

For the time being, it appears as though 50% tariffs on steel products will remain in place for at least the remainder of the year. As a result, WSD does not expect that HRC spot prices will fall below $800 per ton—a floor established by the lofty floor set on imported steel products. While spot prices may not fall below that mark, WSD contacts have indicated that larger volume buyers have received discounts in the $750-$775 per ton range.

Assuming relatively stable demand, the best chance for a noticeable pricing rebound may arrive in the coming weeks as buyers return to the market to re-stock inventories. If this aligns with the mills’ expected fall maintenance schedule, HRC lead times could be pushed out for the first time in months providing some upward momentum (likely $30-$50 per ton above current spot prices). However, without a significant boost in steel demand, WSD is pessimistic that prices could be sustained above $875 per ton for any prolonged period through the end of the year.

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