Key Takeaways
- Nucor’s consumer spot price for hot-rolled coil has reached a 14-month high, yet the gap between domestic steel and a critical input has expanded by a striking margin since January, signaling possible turning points ahead.
- Iron ore has climbed in eight of the last nine weeks while zinc surged to multi-month highs, prompting at least one major mill to lift coating extras for galvanized products with more producers likely to follow.
- The widening differential between domestic hot-rolled coil and prime scrap may not last, as imports become more competitive and capacity utilization climbs above 81 percent, raising questions about how much higher the rally can run.
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Sources
US Raw Steel Production Increases Week 19 2026
US Raw Steel Output Up 9.6% YoY
Middle East Conflict May Lift Iron Ore Freight Rates
Strait of Hormuz Disruption Raises Iron Ore Costs
Iron-Ore Gains as Freight Costs Rise Amid Iran War
US Steel HRC Supply Fears Get No Comment
White House Restructures Section 232 Tariffs
Restructured and Additional Section 232 Tariffs
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