Steel Market Update

2 days ago | steelmarketupdate.com | Brett Linton

May license data indicate a partial recovery. But import volumes remain on the low side compared to recent years. Recall that imports spiked up to 3.08 million short tons (st) in January of this year, the highest monthly rate seen since April 2022. Imports have trended lower since then, with April volumes falling 17% month over month (m/m) to 2.08 million st. May license data suggests a potential 14% recovery, bringing imports back to levels seen in late 2024 (Figure 1, left).

2 days ago | steelmarketupdate.com | Kristen DiLandro

The co-owner of a fabrication shop based in the Pacific Northwest said that after “Liberation Day,” the company began including a five-day-only clause in its job quotes. The fabricator buys primarily hot- and cold-rolled coils for its projects.  “The price changes more often now, so we include a note in customer quotes that only guarantees the quoted price for five days. That’s all my distributor can give me,” said the shop owner. The same owner noted, “I am a little nervous.

3 days ago | steelmarketupdate.com | Ethan Bernard

Mexican steel trade group Canacero has condemned the US’ actions of doubling tariffs on steel and aluminum to 50%. “Canacero regrets and rejects the unjustified decision of the United States government to impose and increase tariffs on steel imports from Mexico,” the group said in a press release in Spanish on Tuesday.

3 days ago | steelmarketupdate.com | Brett Linton

If you’re looking for a quick summary, we used ChatGPT to analyze all of the responses and identify four key themes:Tariff volatility is disrupting expectations, with buyers split on whether pricing will rise, rebound, or continue to decline through summer. Demand remains soft or declining, driven by uncertainty, cautious purchasing, and buyer attempts to time falling prices. Inventories are sluggish, moving slower than last year for most, as buyers minimize exposure and hold off on restocking.

4 days ago | steelmarketupdate.com | Kristen DiLandro

The operator of a Midwestern steel service center says that recent tariff announcements have no bearing on prices, as there is simply no demand. “There is no demand right now, so what does it matter if the tariff is 50% or 200%? There is plenty of capacity domestically and until the steel economy increases, pricing will continue to fall,” the source said. “Also, the tariffs change from week to week, so who knows if these will stick at 50% or at all,” the service center source added.