The looming Trump tariffs make us expensive at home
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President Donald Trump’s threatened steel tariffs have affected US buyers who have not started for two weeks, who already see that American-made metal costs are higher than imports.
The domestic steel benchmark price reached more than $900 per tonne this year, almost a quarter this year, anticipating an imminent 25% collection of foreign supplies. That surge means our prices are moving equally with imported steel, according to people operating in markets that have been asked not to discuss private information.
“What we’ve seen so far is that Mills is taking advantage of tariffs and tariff uncertainty, and they were able to raise prices. “This is not the desired outcome Trump has made clear.”
Metal cargo is poured from around the world, including cargo from Egypt, Algeria, Malaysia, Brazil and Vietnam, according to people familiar with flow. Influx arises in the demand for relatively anemia American steel. High borrowing costs make it expensive for buyers to carry out all projects, from construction to manufacturing home appliances.
Earlier this month, Trump ordered a 25% tariff on steel and aluminum imports, and announced in the process that it would withdraw all existing national level exemptions. The Conservationist Wall Youkai boldly increased prices for domestic steel manufacturers such as Nucor Corp., Cleveland-Cliffs Inc., United States Steel Corp. and Steel Dynamics Inc.
Five weeks ago, a large amount of steel was on sale for less than $700 recently. But by this week, domestic producers had cited the high price of customers as high as $1,000, according to people familiar with levels not seen since the start of 2024. This means that tariff threats have increased prices, even if demand has not changed.
Domestic hot roll coils, a benchmark steel product, are 23% more expensive than imported supplies, the researcher’s steel market update said this week.
Meanwhile, some Canadian and Mexican steel makers have told their customers they are refusing to place new orders. With the measures, Algoma Steel Group Inc.’s order book is under “extreme pressure,” said CEO Michael Garcia.