U.S. steel prices hit four-year peak as tariffs curb imports

President Donald Trump's steel tariffs have sharply restricted foreign steel inflows, driving the price of hot-rolled coil to $1,255 per short ton, the strongest level since May 2022 and a 52% increase over the previous year. Imports of finished steel fell 14% to roughly 13 million tons from January through September, shrinking the import share to 16% of the U.S. market. Trade analyst Josh Spoores attributes the squeeze to the tariffs and evolving trade rules with Canada and Mexico, noting that domestic supply will tighten further as mills plan maintenance that will remove more than 1 million tons of output between September and December.

U.S. steel prices now sit about two-thirds above European levels and nearly triple Chinese prices, while major producers Nucor, Cleveland-Cliffs and Steel Dynamics have enjoyed stock gains of over 50% this year. In Canada, Cleveland-Cliffs paused work at its Stelco subsidiary, affecting up to 500 jobs, and faces possible legal action from the Canadian government over prior employment promises.