Analysis
May 23, 2026
CRU: Import volumes remain low, keeping supply tight in the USA
Written by Matthew Abrams
This item was first published by CRU. To learn about CRU’s global commodities research and analysis services, visit www.crugroup.com.
US domestic steel prices continued to increase for most products as demand remained resilient amid tight supply. Domestic sheet and plate prices increased over the past month, while long products prices were mostly stable, with only structural and merchant bar prices edging up higher.
Steel demand remained strong in the US market for most products. Longs demand has held up despite the slowdown in traditional construction, with data center investment and border wall projects sustaining activity. For flat products, manufacturing demand continued to expand, albeit modestly, and from a low base. Class 8 vehicle production in North America has also been stronger than expected and is now projected to rise almost 8% this year, after falling 18% in 2025.
In parallel, domestic supply remained tight for flat products. According to Steel Market Update, lead times extended or held at elevated levels across all products, service center inventories continued to decline and materials on order rose. At the same time, imports have not increased materially to rebalance the market, despite the increase in US domestic prices. Elevated ocean freight rates stemming from the conflict in the Middle East alongside tariff uncertainty are the main factors pushing out import orders and extending the upward price momentum.
Import volumes in the period 2025 Q4–2026 Q1 were 46% down y/y for flat products and 24% down for long products.
US buyers told CRU that they continue to receive import offers, however, those prices have also increased, and lead times for material outside North America are at a minimum of three months.
Brazilian slab export prices continue to increase m/m
Brazilian slab export prices increased m/m in May by $20 per ton (t) to $610/t FOB Brazil. Slab demand remains resilient in the USA and Europe, while global supply tightens as Iranian exports decline significantly due to the conflict in the Middle East.
