US Steel Market Rises to Highest Level Since 2022

US hot-rolled steel prices climbed toward $1,400 per ton, reaching their highest level since May 2022 as President Donald Trump’s 50% tariffs on imported steel restricted foreign supplies and strengthened domestic producers’ pricing power. Imports of finished steel fell 14% to around 13 million tons in the first nine months of 2026, reducing their share of the US market to 16% from 19% a year earlier. Supply constraints could intensify toward year-end, as maintenance shutdowns are expected to affect more than 1 million tons of production between September and December. Rising scrap costs and stronger negotiating positions for mills also point to further price pressure. US steel now costs roughly two-thirds more than in Europe and nearly three times as much as in China, widening the competitive gap. Meanwhile, trade tensions have disrupted cross-border supply chains, highlighting the broader economic costs of protecting domestic steel production.