Steel Markets

Steel buyer spirits tempered by soft spot market conditions
Written by Kristen DiLandro
July 3, 2025
Steel sheet buyers report feeling bogged down by the ongoing stresses of stagnant demand, news fatigue, tariff negotiations or implementation timelines, and persistent macroeconomic uncertainty.
Nucor’s $10 increase on hot-rolled coil brought its spot price to $910/st this week, but did little to bolster buyer hopes. Raising prices amidst an adequately stocked market nagged at buyers.
One Midwestern-based distributor said Nucor’s increase added to the general sense of uncertainty that buyers are exhausted by.
“Shops are dead. Jobs are dead. Demand is dead. There is a lot of pessimism right now in general. Selling prices remain stagnant. Ample supply without demand to back it up is just more noise,” said the distributor.
A second Midwestern distributor underscored the lack of movement in the market.
“There haven’t been any large price changes and most people are out on vacation this week. That pulls the activity down a bit,” he said.
A service center operator on the East Coast surmises that mill prices are aligned with their orders.
“Business remains slow and steady,” he commented. “My prediction stands: nothing will change until Q4. The market remains slow and mill published prices reflect their order books.”
On the other side of the Rocky Mountains, market sentiment was similar.
A West Coast-based distributor does not expect to see the market gain more confidence until the overall macro-conditions firm up.
“[The] market is still slow, especially this short holiday week. I’m of the opinion that we won’t see a change until the tariffs are decided. Deadline is July 9, and we’ll see if Trump kicks them down the road further and whether they are implemented,” said the distributor.
They added, “Negotiations may take longer than he [Trump] originally thought. When tariffs are complete, I think we’ll be in a better position with trading partners.”
SMU assessed the current spot price for domestically produced HR coil at $840-920/st, with an average $880/st, as of Tuesday, July 1.

Kristen DiLandro
Read more from Kristen DiLandroLatest in Steel Markets

AISI: Raw steel production bounces back
Domestic mill production rebounded last week, according to the latest production figures released by the American Iron and Steel Institute (AISI). Production had been historically strong over the summer months before softening in early October.

US sets Section 232 tariffs on trucks and buses
Medium- and heavy-duty trucks (MHDV) and buses imported to the US will start being charged Section 232 tariffs beginning Nov. 1.

Hot-rolled sources say demand continues to dwindle, prices feel arbitrary
Genuine demand, they stated, will return when the market feels stable again.

FabArc Steel Supply completes projects in Mississippi, Georgia
FabArc Steel Supply announced this week the completion of two large-scale projects in Georgia and Mississippi.

Thin demand keeps plate prices hovering at lowest levels since February
Participants in the domestic plate market say spot prices appear to have hit the floor, and they continue to linger there. They say demand for steel remains thin, with plate products no exception.