US HRC hot-rolled coil prices reached $1,162/st on June 15, up 3.47%, as the domestic steel market continues to benefit from trade protection. Nucor set its CSP base price at $1,055/st for the week of April 20, 2026, with premium mill sites at $1,105/st. Domestic raw steel production hit 1.843 million short tons for the week ending April 11, the highest since November 2021.
Revised Section 232 tariffs effective April 6 have raised the landed cost of imported steel and steel-containing products. YTD through September 2025, HRC/CRC/HDG imports were 3.3 million metric tonnes, down 38% from 4.9 million tonnes in the same 2024 period. This suppression of imports is a primary driver of domestic price increases.
The North America HRC Price Index rose 7.66% quarter-over-quarter in Q1 2026, supported by tighter supply, higher scrap and pig iron costs, and steady automotive and construction offtake. Import quotas tightened available offshore tonnage, reducing supply and bolstering domestic mill pricing power.
US mill capacity utilization climbed to 79.8% in April 2026, up from 75.0% a year earlier. Mills are prioritizing balance over volume, keeping utilization around 80% to support pricing rather than maximizing tonnage. This discipline, combined with tariff protection, has created a structurally supportive pricing environment.
HRC at $1,162/st is elevated by historical standards but supported by tariff protection and supply discipline. Import quotas remain tight through mid-2026. Domestic buyers should maintain close relationships with mill representatives and consider early Q3 orders to lock in current pricing before potential summer outages.