For the first time this year, U.S. steelmaker Nucor has lowered its weekly spot price [1] (CSP) for hot-rolled coil (HRC), reducing offers by $5 per short ton after holding steady for two weeks. As of the latest pricing update, HRC prices at all Nucor production facilities—except California Steel Industries (CSI)—have dropped to $930/t, while CSI maintains a higher rate of $990/t.
Nucor’s previous peak price of $935/t ($995/t at CSI), reached on March 24, remained unchanged until April 13, marking a steady pricing environment over several weeks. Despite this minor price adjustment, the overall increase in CSP at Nucor’s HRC since the start of the year stands at $180 per short ton. Current lead times for orders remain at an estimated 3-5 weeks, indicating ongoing demand stability.
According to Steel Market Update (SMU), spot prices for hot-rolled coils in the U.S. ranged from $840 to $970 per tonne as of April 8, while Kallanish reported domestic HRC prices between $950-1000/t.
Amid continued import restrictions introduced during Donald Trump’s presidency, market participants anticipate that tariff pressures will support price increases in the coming weeks. Trade policies targeting steel, automotive, Canada, Mexico, and China remain a key influence on pricing trends, with reciprocal tariffs contributing to broader supply chain shifts.
Meanwhile, U.S. steelmaker Cleveland-Cliffs recently opened its May order book for hot-rolled steel, setting prices at $975/t—up from April’s opening price of $900/t, reflecting a $75/t increase. The company attributes the rise to heightened demand from key industries, particularly those reliant on steel-intensive production. Additionally, the shift toward onshoring, driven by efforts to reduce reliance on imported goods, continues to shape supply dynamics across the domestic market.
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[1] Nucor cuts prices for hot rolled coils for the first time since the beginning of the year https://gmk.center/en/news/nucor-cuts-prices-for-hot-rolled-coils-for-the-first-time-since-the-beginning-of-the-year/