Steel Products Manufacturers NAICS 3312

Oct 21, 2025 - Falling US Steel Prices

• In September, domestic steel prices fell to their lowest levels since February, giving up earlier tariff-driven gains, OilPrice.com reports. Weak demand from the construction sector, short mill lead times, and volatile durable goods orders are putting downward pressure on prices, including for hot-rolled steel coil, which in early September saw its lowest price since February. The Raw Steels Monthly Metals Index (MMI), which tracks steel prices, fell nearly 1% from August to September. In the first quarter, prices jumped $241 per short ton following tariff announcements by the Trump administration. However, since peaking in March, prices have fallen $109 to $818 per short ton. Prices for cold-rolled coil and hot-dipped galvanized steel are also trending downward. While tariffs have provided support for domestic steel prices, declining demand from the construction and manufacturing sectors is dragging down steel prices.
• To avoid stiff tariffs on imported metals and benefit from the reliability and timeliness offered by shorter supply chains, more companies are considering sourcing from US-based mills, according to metals service center Mead Metals. Makers of metal products who reshore their supply chains can benefit from relationships with local mills and service centers that offer just-in-time shipping and proximity advantages that reduce inventory, logistics costs, and lead times. But with demand for local suppliers rising, purchasing managers could see tight availability for certain metals, underscoring the need for proactive sourcing and flexible inventory strategies, according to Mead Metals. As for tariffs, a 2019 Federal Reserve study found that while levies imposed by the first Trump administration increased US steel production, higher input costs from tariffs reduced manufacturing jobs, relative to what it would have been without tariffs, and raised production costs for metal-based goods.

• To reshore production and strengthen national security, the Trump administration in August expanded its 50% tariff on imported steel and aluminum to include more than 400 additional product categories, CNBC reports. The tariff list now covers products such as fire extinguishers, machinery, construction materials, and specialty chemicals that either contain, or are contained in, aluminum or steel, according to CNBC. As a result, US companies that import finished goods and parts that contain a high percentage of the two metals will be subject to stiff tariffs. The Wall Street Journal reports that the administration is considering some tariff relief for US automakers and tech firms. The US steel and aluminum industries have enthusiastically supported tariffs on lower-priced imports and have encouraged President Trump to add duties to imported finished products.
• Producer prices for steel product manufacturers from purchased steel rose 5.1% in August compared to a year ago, after falling 8.3% in the previous August-versus-August annual comparison, according to the latest US Bureau of Labor Statistics data. Producer prices for makers of steel products have tumbled 25% from their peak in May 2022, when strong demand from key customer industries drove prices to new highs. More recently, prices have risen by 7.3% since January 2025. Industry employment grew 0.5% year over year in July, while average industry wages at primary metals manufacturers rose 0.6% YoY in August to $28.89 per hour, down about $1 from its high in March, BLS data shows.