Based on today’s Steel Market Update (SMU) analysis, U.S. hot‑rolled coil (HRC) prices have dipped slightly but remain tightly constrained within a narrow price band that has persisted for approximately four months. This stability comes despite a modest $10/st weekly decline, placing the average U.S. HRC price at US $845 per short ton (st)—a level last seen when Section 232 tariffs were increased to 50% in early 

The sustained premium of domestic HRC prices over imports stems from the doubled Section 232 tariffs, which have boosted protection for U.S. producers. After adjusting imported prices for tariffs and estimated freight/handling costs (~$90/st), U.S. HRC remains significantly cheaper than steel from Germany or Italy on a delivered basis—currently around $57/st below European imports. This margin widened from approximately $42/st the previous week, reflecting both tariff effects and lower import price pressure.

For Asian suppliers, the combination of import costs and prevailing duties still results in landed costs approximately $88/st above domestic prices, though this premium has eased lately from prior highs seen earlier in 2025.

Overall, while seasonally slower demand has restrained upward momentum, the elevated price gap between U.S. hot‑rolled coil and European imports underscores the continued impact of tariff protection in maintaining relatively firm U.S. pricing compared to weaker European markets.