Analysis
June 19, 2026
CR imports more attractive as US prices remain on the rise
Written by David Schollaert
Cold-rolled (CR) coil prices ticked up in the US this week, as offshore prices mostly trended lower.
CR imports from Japan on a landed basis remain much more expensive than domestic product. But imports from Germany, Italy, and South Korea remain competitive, in theory, even with the 50% Section 232 tariff.
By the numbers
In our market check on Tuesday, June 16, US CR coil prices averaged $1,335 per short ton (st), up $30/st from the previous week.
Domestic CR prices are now, theoretically, 9.8% more expensive than imports on a landed basis, widening slightly from a 6.8% premium the week prior.
In dollar-per-ton terms, US CR is, on average, $76/st more expensive, on average, than offshore product (see Figure 1).
If South Korean CR prices weren’t at a discount to US prices, and German and Italian product near parity, stateside product would be roughly 3% cheaper than imports. As noted above, Japanese CR is at a significant premium to US cold rolled on a landed basis.
The charts below compare CR coil prices in the US, Germany, Italy, South Korea, and Japan. The left side shows prices over the last two years, and the right side zooms in to highlight more recent trends.
Methodology
SMU calculates the theoretical price difference between domestic and imported CR steel by comparing our US CR price (FOB domestic mills) with CRU’s indices (DDP US ports) for Germany, Italy, and East Asia (Japan and South Korea). This is an estimate, and actual import costs vary.
To approximate the cost of foreign steel delivered to US ports, SMU adds $90/st to foreign prices to cover freight, handling, and trader margins. This benchmark can be adjusted based on individual shipping costs. (If you import steel and have insights on these costs, you can contact the author at david.schollaert@crugroup.com.)
East Asian CR coil
As of Thursday, June 17, the CRU Asian CR price stood at $535/st, down $5/st week over week (w/w). Factoring in a 71% anti-dumping duty (Japan, theoretical), a 50% S232 tariff, and $90/st in estimated import costs, the delivered price to the US is $1,463/st. The theoretical landed price of South Korean CR exported to the US is $893/st.
With the latest SMU CR price up $30/st to an average of $1,335/st, US-produced CR is now theoretically $128/st cheaper than CR from Japan but $442/st above CR from South Korea.
Italian CR coil
Italian CR prices were $3/st higher this week at $834/st. After adding import costs and a 50% tariff, the price of Italian CR delivered to the US is, in theory, $1,341/st. That means domestic CR is theoretically just $6/st cheaper than CR coil imported from Italy.
Without the 50% tariff, US prices, in theory, would be $411/st above Italian imports – that’s a $417/st swing.
German CR coil
CRU’s German CR price was down $1/st vs. the previous week. After adding import costs and a 50% tariff, the delivered price of German CR is, in theory, $1,338/st. The result: Domestic CR is theoretically just $3/st cheaper than CR imported from Germany.
Without the 50% tariff, US prices, in theory, would be $413/st above Italian imports – that’s a $416/st swing.
Editor’s note
We reference domestic prices as FOB the producing mill, while foreign prices are CIF the port (Houston, NOLA, Savannah, Los Angeles, Camden, etc.). Inland freight from either a domestic mill or a port is important to keep in mind when deciding where to source from. It’s also important to factor in lead times. In most market cycles, domestic steel will deliver more quickly than foreign steel. Note also that, on March 12, 2025, undiluted Section 232 tariffs were reinstated on steel imports. Section 232 tariffs were then doubled to 50% on June 3, 2025. Therefore, the price comparisons for Japan, South Korea, Germany, and Italy in this analysis now include a 50% tariff.
