Small and medium-sized producers in different parts of the country are complaining about rising steel prices and the inability to get prices from suppliers. Steel mills are reportedly canceling orders, extending delivery times, and customers are buying in panic. Tariff uncertainty both disrupts the procurement process and makes costs unpredictable for businesses.
Hot-rolled steel prices, particularly in the US Midwest, have risen 12% in two weeks to USD 839 per ton. Since Trump's inauguration, the rate of increase has reached 20%. In contrast, prices in Northern Europe rose by only 6% over the same period, while in China they were virtually unchanged.
According to a survey by consulting firm Bain & Co., 40% of senior executives in the US expect double-digit increases in input costs due to tariffs, while 80% are revising or considering revising their financial forecasts.
Leon Topalian, CEO of Nucor, one of the largest steel producers in the US, said he supported Trump's tariff plans, calling it the first step in the “America First Trade Agenda”, Reuters reported. Nucor raised its hot-rolled steel prices for the fourth time since the beginning of the year.
These developments in the steel industry are driving up costs for producers and raising important questions about the future direction of the US industry.
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