Trade Cases
HRC, Prime Scrap Price Spread Widens $18/t in April
April 18, 2023
The spread between hot-rolled coil (HRC) and prime scrap prices has widened again in April from March, though much smaller than last month’s number, according to Steel Market Update data.
Both SMU’s hot-rolled coil price average and busheling prices dropped this week.
Our hot-rolled coil average slipped $15 per ton week-over-week to $1,145 per ton ($57.25 per cwt) as of Tuesday, April 18.
April scrap prices settled April 10, as busheling tags dropped $15 per ton to an average of $535 per gross ton from March after four months of consecutive price rises. Figure 1 shows price histories for each product.
After converting scrap prices to dollars per net ton for an equal comparison, the differential between HRC and busheling scrap prices is $667 per net ton through April 18, up $18 from $649 last month (Figure 2). While the spread still widened this month from March, it was much smaller than the $235 jump reported last month.
PSA: Did you know our Interactive Pricing Tool has the capability to show steel and scrap prices in dollars per net ton, dollars per metric ton, and dollars per gross ton?
Figure 3 explores this relationship in a different way – we have graphed the spread between HRC and busheling scrap prices as a percentage premium over scrap prices. HRC prices now carry a 114% premium over prime scrap, rising from 107% a month earlier.
This comparison was inspired by reader suggestions. If you would like to chime in with topics you want us to explore, reach out to our team at news@steelmarketupdate.com.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Trade Cases

Steel groups voice different takes on US-EU trade deal
US and European steel trade groups were at odds over their reaction to the recent trade deal President Trump brokered with the EU.

Here’s what’s up next in the big coated steel trade case
Attorneys representing domestic petitioners and foreign respondent companies have been busy filing case briefings and making rebuttals as the corrosion-resistant steel unfair trade investigations begin to wind down.

Price: Which countries get a ‘zonk’ in Trump’s primetime ‘Let’s Make a (Trade) Deal’ show?
As the president’s August 1 tariff deadline approaches, the “Let’s Make a Deal” game show returns to primetime (the Monty Hall version, of course). As the administration begins rolling out trade deals, we are starting to see what’s behind door number one and who is getting a “zonk.”

Trump says Canada deal might not happen: Report
President Trump said a negotiated deal with Canada might not occur, and all existing tariffs, along with those set to take effect soon, will stay in place, according to media reports.

Steel trade groups applaud Trump’s S232 tariffs
Five trade organizations involved with North American steel have praised President Trump’s Section 232 tariffs on steel for helping the domestic industry.