Stainless steel prices in the United States are among the highest in the world, which maintains their position as an attractive export destination despite the application of 50% import duties under Section 232.
In January, the lowest price level for cold-rolled 304 grade coils in the United States was recorded in January. 3,247 US dollars per ton. For comparison, this is US$845 per tonne higher than the average domestic MEPS price in Asia and US$530 per tonne higher than the European average. However, the respondents surveyed by MEPS in the United States claim that importers are offered materials from some foreign sources at significantly lower prices.
The new edition of the MEPS podcast "Talking about Steel", dedicated to the stainless steel market overview, talks about the prospects of the stainless steel market. In a study that examines the key factors influencing global stainless steel prices in 2026, steel market analyst Michelle Kirton stated: "As long as prices remain at the same high level they currently are in the U.
S. market, imports will remain competitive – even with a 50% duty."
Despite the competitive prices offered by overseas suppliers, stainless steel imports to the United States continue to decline after a period of import uncertainty that has lasted for more than 12 months.
Back in 2024, American respondents interviewed by MEPs for their Stainless Steel Review assumed that Donald Trump's return to power would be followed by an increase in Section 232 tariffs imposed during his first term as president. During his presidential campaign, Trump promised to raise tariffs and strengthen protections for U.
S. steel producers.
Anticipating tighter import restrictions, many stainless steel buyers accelerated shipments from foreign suppliers at the end of 2024. This led to a short-term sharp increase in import volumes. Imports of all types of stainless steel products increased by 24.5% year-on-year (57,296 tons) in the first quarter of 2025.
The first consequences of the introduction of tariffs under Article 232
Within months of President Trump's January announcement that Article 232 would take effect in 2024, steel duties were restored to 25% for all countries. This applied to those countries that previously enjoyed country-specific benefits for various steel products, such as South Korea, Mexico, and the European Union. In the period from April to June 2025, the volume of stainless steel imports decreased to the average monthly level of 85,235 tons in 2024.
However, most of these materials were on their way to the United States before the February announcement of the full restoration of Section 232 tariffs.
