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    April 9, 2025

    Return of S232 zapped gap between US and EU HR prices, Asian HR remains cheaper

    Written by David Schollaert

    Domestic hot-rolled (HR) coil prices declined this week for a third straight week. Most offshore markets bucked the trend and gained ground.

    Uncertainty in the US market around tariffs, especially after “Liberation Day,” caused US prices to slip as buyers moved to the sidelines. It’s unclear to date whether the 90-day pause on the more extreme “reciprocal” tariffs, announced by President Trump on Wednesday, would see buyers return to the market.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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