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US hot-rolled steel prices have climbed toward $1,400 per ton, their highest level since May 2022, as President Donald Trump’s 50% tariffs on imported steel have curtailed foreign supply and bolstered domestic producers’ pricing power. Imports of finished steel fell 14% to about 13 million tons in the first nine months of 2026, reducing their share of the US market to 16%, down from 19% a year earlier. Supply constraints are likely to intensify toward year-end, with planned maintenance outages expected to remove more than 1 million tons of capacity between September and December. Rising scrap prices and stronger bargaining leverage for mills also suggest further upward pressure on prices. US steel now costs roughly two-thirds more than in Europe and nearly three times as much as in China, widening the competitive gap. At the same time, trade tensions have disrupted cross‑border supply chains, underscoring the broader economic costs of shielding domestic steel production.
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