At Steel Warehouse, we believe informed planning is critical to success, especially in times of change. In this update, we share a clear look at current steel market dynamics — including pricing trends, mill activity, supply chain shifts, and broader economic pressures. Alongside these insights, we’re continuing to invest in expanded processing capabilities and new locations to strengthen domestic supply and better support our customers.
As April ends, mills are taking a deliberate approach to production and inventory management, focusing on stability rather than chasing additional volume. With new tariffs reshaping the trade environment and broader economic uncertainty weighing on both businesses and consumers, the industry is understandably erring on the side of caution. Across the board, mills are showing constraint — controlling output, prioritizing price integrity, and keeping inventory lean — all of which is helping the market hold steady despite some external pressures.
Pricing remains firm as we exit the first quarter and move into the summer months. Hot-rolled coil is currently trading in the range of $935 to $967 per ton, with Cleveland-Cliffs recently setting May orders at $975 per ton. Cold-rolled coil prices have climbed as well, ranging from $1,150 to $1,190 per ton. Since January, HRC prices have risen approximately 15%, and compared to this time last year, they are up around 10%. Futures are holding near $944 per ton, reflecting expectations of continued price stability heading into the second half of the year.
Lead times, while manageable, reflect mills’ focus on production discipline. Hot-rolled orders are typically delivering within four to six weeks, and cold-rolled in about five to eight weeks. Capacity utilization across U.S. mills currently sits around 74.4%, just a tick down from prior weeks, but consistent with a strategy that avoids oversupplying a market that remains healthy but cautious. Mills seem intent on balancing output carefully to preserve pricing and avoid inventory overhangs — a measured approach in today’s environment.
The overall mood at the mills is steady. While tariffs and economic uncertainty create a backdrop of unpredictability, producers remain confident that 2025 will closely mirror the resilience seen in 2024. Spot pricing is holding firm, and mills appear determined to defend current levels. For buyers, this means prompt planning is wise, as mills are managing order books carefully and may adjust available tonnage during the seasonal summer slowdown.
Recent trade actions are also having a significant impact. The 25% steel tariff was reinstated on all imports in March, removing previous country exemptions, and a universal 10% tariff on all imports was added in early April. Additionally, over 50 countries are now subject to reciprocal tariffs ranging from 11% to 50%, with heated negotiation in the mix. Negotiations with Mexico and Canada have remained quiet, but the broader pursuit of a more secure domestic supply chain continues to underpin strong fundamentals for the U.S. steel market.
Outside of steel itself, the manufacturing economy is experiencing a mixed but promising landscape. Tariffs on imported machinery and components have increased operational costs for some sectors, particularly among manufacturers that rely on parts from Asia. However, these pressures are being counterbalanced by significant investments into U.S. production facilities. Companies like IBM and Apple are committing billions of dollars to domestic manufacturing, underscoring a long-term vote of confidence in American industrial growth.
Within the steel-consuming sectors, several bright spots have emerged. The construction industry remains a steady engine for demand, buoyed by ongoing infrastructure investments. Energy and oil and gas markets continue to provide reliable volume for steel producers. Perhaps most notably, the solar energy sector is booming, with tubing demand mirroring. These trends are encouraging and suggest continued resilience in key end markets.
For Steel Warehouse customers now is a time for thoughtful action. We recommend managing inventory levels strategically without overextending, keeping a close eye on supply chain vulnerabilities, and maintaining flexibility in sourcing strategies. Remaining calm and measured is critical; the market has shown that steady planning yields the best results in dynamic conditions.
Steel Warehouse remains committed to helping our customers navigate a complex and evolving steel market. With a strong domestic supply chain, expanded processing capabilities, and a focus on practical, real-world solutions, we continue to invest in the future — both yours and ours. Later this year, we will enhance our operational capacity with additional processing capabilities at our South Bend facility, alongside new locations in Jefferson City, Tennessee, and Hickory, North Carolina. These investments are not simply expansions; they reflect our long-term commitment to strengthening our service, broadening support, and providing the flexibility and resilience our customers need to move forward with confidence. As the industry evolves, so too does Steel Warehouse — focused on standing steady, delivering value, and building on the trust forged over 75 years.