News & Announcements
Market Overview – Mid April 2025
Steel Market Overview – Mid April 2025
STEEL TARIFF
On Mar 12th, Section 232 steel and aluminum tariffs of 25% took effect on all imports to the US. The 25% steel and aluminum tariff currently apply to all countries as prior Section 232 exclusions and quotas established in 2018 have been suspended. Section 232 steel tariffs are also expected to apply to downstream steel fabrication and other derivative products. Section 232 steel and aluminum tariffs are not expected to be combined with President Trump’s reciprocal tariffs announced on Apr 2nd.
SCRAP
Shredded scrap for Chicago was up $37/GT in mid Mar ’25, settling just above $479/GT and has not been updated as of mid Apr ‘25. The shredded scrap index is at its highest point since mid Apr ’23 when it closed at $515/GT. Scrap prices increased in Mar ’25 as expected. Scrap prices are expected to soften over the next month. US export prices were up $28.5/GT in late Mar ’25 over late Jan ’25, but have since reduced $13/GT in mid Apr ’25.
CARBON PLATE
Mill lead times are 4-5 weeks from the West Coast and are roughly 8-9 weeks when rail is included from mills East of the Rockies. Nucor announced (4) plate price increases implementing a $60/ton increase in late Jan ’25, a $40/ton price increase in early Feb ’25, a $160/ton increase in late Feb ’25 and a $40/ton increase in late Mar ‘25, for a total plate price increase of $260/ton. Other mills including Cliffs, Evraz and SSAB have also raised prices at similar levels. Plate price indexes were up roughly $360/ton since the start of the year, but have since retreated $60/ton in early Apr ‘25. Some market participants expect plate pricing to remain flat for the next month.
HOT ROLL SHEET
Mill lead times are 4-6 weeks from the West Coast and range between 8-9 weeks for delivery from mills East of the Rockies to the West Coast. Domestic hot roll coil/sheet prices have steadily increased since the start of the year with the AMM index up over $280/ton over 12 weeks and Nucor’s Coil Spot Price (CSP) up $185/ton in 12 weeks, but the latter has retreated $5/ton on Apr 14th. Coil/sheet prices are not expected to climb higher over the next month.
HSS TUBE
Tube mill rolling cycles are 4-6 weeks for West Coast tube mills. Domestic tube mills have issued (5) price increases since the start of the year totaling $500/ton. The last (2) tube mill price increases were $150/ton each, occurring in late Feb ’25 and mid Mar ’25. Domestic tube mills have increased prices so fast that import tube prices with the 25% steel tariff are less expensive. Prior to the (5) price increases by domestic mills, domestic tube prices were at their lowest point since Oct ’20. With coil prices plateauing and showing a slight retreat, tube prices may soften as cost inputs are not pushing higher.
MERCHANT BAR
Lead times are roughly 4-6 weeks for most mill rolling cycles on the West Coast. Domestic merchant bar mills announced (2) price increases of $60/ton in mid Feb ’25 and $40/ton in mid Mar ’25. Merchant bar prices have yet to return to the ’24 price level established before domestic mills dropped prices by $120/ton in Oct ’24. Should scrap prices drop, then bar prices are not expected to increase in the coming month.
BEAM
Beam lead times are roughly 7-9 weeks for West Coast delivery. Published prices from domestic mills remained unchanged for 11 months until domestic beam mills implemented a $35/ton price increase in mid Mar ’25. Domestic beam mills also communicated to buyers a suspension of any off-book price discounting. Mills announced an additional price increase of $25/ton in Apr ’25.
REBAR
Lead times are roughly 4-6 weeks from West Coast rebar mills. After domestic rebar mills decreased prices by roughly $160/ton over the course of ’24, domestic mills announced a $40/ton price increase in mid Feb ’25. However, domestic mill pricing for the West Coast has retreated in Apr ’25.
MARKET
Mill prices for all steel products increased in early ’25, but have shown signs of plateauing and in some cases retreating modestly in mid Apr ’25. Tube, Sheet and Plate have had the most significant price increases in Q1 ‘25. Although mill prices have increased in Q1 ’25 for all steel products, they are still lower than what mill prices were in early Jan ‘24. The 25% steel tariffs have been a catalyst for domestic mills to increase prices in early ‘25. According to the Institute of Supply Management (ISM), the manufacturing sector contracted in Mar ’25 after two consecutive months of expansion that followed a year of monthly contractions. ISM indicates domestic manufacturing contracted month over month with an index of 49 in Mar ‘25, which was down from 50.3 in Feb ’25. The ISM New Orders index contracted at 45.2 in Mar ’25, down from 48.6 in Feb ’25. The Production index contracted at 48.3, down from 50.7 in Feb ’25. ISM readings greater than 50 signal expansion. According to the US Dept. of Labor, non-farm payrolls increased by 228,000 in Mar ‘25 and the unemployment rate increased slightly to 4.2%. The US Dept. of Commerce indicated that real gross domestic product (GDP) expanded in Q4 ’24 to 2.4%, while Q3 ’24 expanded by 3.1% and 3.0% in Q2 ’24. US GDP rates are expected to slow for Q1 ‘25 with some forecasting a quarterly contraction.
Sources Include: US Labor & Commerce Departments, Domestic Steel Mills, Scrap Processors, Steel Consumers, ISM, AMM, SIMA, SMU, American Iron and Steel Institute, International Trade Administration
Subscribe for News