February 19, 2025
February Market Minute 2025
Out on the road, Jonathan, SteelNow’s customer experience manager, has been talking with customers about business conditions to start the new year.
While things are still slow, some fabricators are seeing a slight ramp-up in business, and many expect that to continue as the year progresses.
Overall, uncertainty remains as we wait for tariffs to take full effect. In the meantime, here’s what we know about steel, aluminum, and stainless markets right now.
Steel
Prices have been gaining momentum after bottoming out in mid-2024. Over the past few months, hot-rolled coil prices have pushed into the mid-$700/ton range, with several mills announcing further price hikes.
While recent tariff announcements have sparked debate, the real drivers remain rising scrap costs, mill utilization rates, and supply chain adjustments.
With new U.S. capacity still coming online, price stabilization could be on the horizon—but for now, steady increases continue.
Aluminum
The tariff situation has taken center stage. The U.S. has officially delayed its decision on Canadian aluminum tariffs, but uncertainty remains.
Canada supplies 65% to 80% of U.S. aluminum imports.
The Midwest Premium has risen over $0.10/lb. in recent weeks, reflecting heightened tariff speculation. In addition, conversion costs are rising as domestic mills adjust pricing in response to supply chain uncertainty.
Stainless Steel
Prices remain under pressure due to excess global supply.
Production costs are rising, and some suppliers have hinted at potential supply cuts. Should this occur, it could set a price floor with the possibility of providing more stability to the stainless market in the months ahead.
As market conditions shift, SteelNow is here to help you find the right material when you need it.
With a network of more than 60 suppliers, we make it easier to source steel, aluminum, and stainless—no matter how the market moves.