CRU: US stainless prices to rise on expanded S232 tariffs 

Stainless prices in the US market will rise, following price increases by major US producers. Our base case scenario incorporates higher US prices in the near term, despite the initial negative reaction by the market.      

US stainless prices will go up in 2025 H2 and will stay elevated in 2026 as tariffs on stainless steel have recently doubled to 50% and expanded to end-user products. Following the recent base price increase by US mills, the market will eventually accept higher prices. Our base-case scenario incorporates some base price softness at the start of 2026 as new domestic capacities will come on stream. If left intact, the tariffs will lift domestic prices, allowing imports to gain market share, predominantly from low-cost regions in Asia.