Forging and Stamping NAICS 3321

Jun 21, 2026 - Record Steel Prices

• Strong demand amid tight supply is driving domestic steel prices to record levels, creating challenges for firms that rely heavily on steel inputs, The Fabricator reported in June. Hot-rolled coil prices have increased more than 33% from a year ago as manufacturers, fabricators, and construction-related industries boost purchasing activity. Meanwhile, strict enforcement of Section 232 50% tariffs on steel has limited imports, reducing available supply and extending mill lead times. For forging and stamping companies, higher steel costs can pinch margins, increase quoting uncertainty, and make it harder to secure material needed to meet customer orders. Some manufacturers are turning to imported steel despite long lead times to ensure supply continuity. Elevated steel prices and supply constraints are likely to persist until imports increase significantly or domestic production capacity expands, keeping cost pressures high for metal-forming manufacturers, per The Fabricator.
• Tariffs on steel and aluminum imports to the US have a direct impact on small fabricators’ cost structures, bidding strategies, and overall competitiveness, according to Exiil, a provider of software to metal manufacturers. In March, President Trump raised steel and aluminum import tariffs to the US by 25% -- and then again to 50% -- ending all country exemptions, in addition to hiking tariffs on China, according to Reuters. Russian aluminum imports carry a tariff of 200%. Beyond raw metal, the US has increasingly added “downstream” or “derivative” products – such as stamped parts, fasteners, tubing, wire, or other items with high steel/aluminum content – to existing Section 232 tariffs. As a result, fabricators face higher materials costs. Even companies that source metals domestically are likely to pay more for metal as US mills often raise their prices when foreign competitors’ costs go up – because the “floor” of the market shifts.

• Metal stamping is among the industries likely to be most impacted by President Trump’s 50% tariff on steel and aluminum imports. An International Trade Commission report on the impact of the 2018 Trump tariffs, which ranked industries by their dependence on steel and aluminum, found that motor vehicle metal stamping uses the most steel (58%). Reacting to Trump’s announcement, the Coalition of American Metal Manufacturers and Users (CAMMU) said in a statement: “Re-imposing 25% tariffs on steel and aluminum imports from our allies and without a workable exclusion process puts US manufacturers directly in harm’s way.” It noted that under Section 232 tariffs already in effect US manufacturers are paying significantly more for steel and aluminum than their global competitors, undermining their ability to compete. The statement says small and medium-sized businesses are particularly vulnerable to losing contracts to overseas rivals with unrestricted access to these essential inputs.
• Producer prices for forging and stamping companies rose 5.9% in May compared to a year ago after falling 0.6% in the previous May-versus-May annual comparison, according to the latest US Bureau of Labor Statistics data. Industry producer prices had been trending downward since peaking in May 2022, but began rebounding in 2025 and remain high by historical standards. Employment by the industry grew 1.2% year over year in April, while the average industry wage at forging and stamping firms continued to climb, jumping 12.4% over the same period to a new high of $29.51 per hour, BLS data show. Over the past three years, wage growth at forging and stamping firms was 25%, higher than overall private wage growth of 12%.