US steel hits a four-year high, up 52% in a year
Hot-rolled coil reached $1,255 a short ton on 16 October, its highest level since May 2022.
Known
•$1,255 per short ton, +52% in a year (Fastmarkets). •Steel imports are down 14% and their market share fell to 16% (AISI).
Not known yet
•How much of the rise US manufacturers will pass on to buyers. •Whether a US–Mexico deal will lower the 50% metals rate. Talks have stalled.
The main US steel benchmark, hot-rolled coil, reached $1,255 per short ton on 16 October, according to Fastmarkets data reported by Bloomberg. That is 52% higher than a year ago and the highest price since May 2022.
The rise follows Section 232 tariffs on imported steel. They started at 25% in March 2025 and rose to 50% in June 2025.
US finished steel imports were about 13 million tons in the first nine months of 2026, down 14% from a year earlier, according to the American Iron and Steel Institute. Imports now make up 16% of the US market, down from 19%.
Bloomberg says US hot-rolled coil now costs about 1.5 times the European price and about three times the Chinese price. Mills’ year-end maintenance may tighten supply further.