The global HRC market is increasingly fragmented. US prices have risen 40% year-on-year, driven by strong demand from automotive, construction, and energy infrastructure, plus capacity constraints at both EAF and integrated mills.
IMARC data shows March 2026 US HRC at approximately $1,050/t, up 9.4% from December 2025. The rally has continued into Q2 with domestic prices reaching ~$1,146/t in April, supported by higher scrap and iron ore costs.
Northeast Asian markets tell a different story. March HRC prices were around $490/t, down 2% from the prior month, as sluggish construction and auto demand weighed on the market. High inventories and weak procurement kept buying interest low.
The US-Asia spread of more than $600/t is creating arbitrage flows. However, trade restrictions including Section 232 tariffs and anti-dumping duties limit the volume that can enter the US market, protecting domestic prices.
The US-Asia spread is historically wide. Buyers with exemptions from Section 232 duties should explore offshore sourcing for spot requirements. Domestic buyers without exemptions should build inventory now, as mill lead times are extending to 8-10 weeks.