Key Takeaways

• The CSP hot-rolled coil base price for the week of May 4 rose by $5 per ton to $1,070 for most producing mills and $1,120 for California Steel Industries, extending a months-long run of incremental increases.
• United States manufacturing expanded for a fourth consecutive month in April 2026, but persistent tariff anxiety, the third month of the Iran conflict, and the steepest input-cost surge since 2022 are reshaping how buyers approach procurement.
• Steel mills appear positioned to test the $1,100 per ton threshold in the coming months as raw material costs, energy market volatility, and Section 232 enforcement combine to give producers durable pricing leverage.

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