Analysis
June 26, 2026
US CR price premium over imports widens
Written by David Schollaert
Cold-rolled (CR) coil prices moved higher in the US this week, as offshore prices trended lower.
While CR imports from Japan on a landed basis remain more expensive than domestic product, imports from Germany, Italy, and South Korea are increasingly more competitive, in theory, even with the 50% Section 232 tariff.
By the numbers
In our market check on Tuesday, June 23, US CR coil prices averaged $1,360 per short ton (st), up $25/st from the previous week.
Domestic CR prices are now, theoretically, 13.9% more expensive than imports on a landed basis, up from a 9.8% premium the week prior.
In dollar-per-ton terms, US CR is, on average, $123/st more expensive than offshore product (see Figure 1). That’s up from $76/st vs. last week.
If Japanese CR prices weren’t still at a premium to US CR on a landed basis, stateside product would be roughly 20% more expensive than imports. South Korean, German, and Italian products are now at a clear discount to domestic prices on a landed basis, inclusive of the 50% Section 232 tariff.
The charts below compare CR coil prices in the US, Germany, Italy, South Korea, and Japan. The left side shows prices over the 15 months, 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 25, the CRU Asian CR price stood at $526/st, down $9/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 $1,440/st. The theoretical landed price of South Korean CR exported to the US is $879/st.
With the latest SMU CR price up $25/st to an average of $1,360/st, US-produced CR is now theoretically $80/st cheaper than CR from Japan but $481/st above CR from South Korea.
Italian CR coil
Italian CR prices were $18/st lower this week at $816/st. After adding import costs and a 50% tariff, the price of Italian CR delivered to the US is, in theory, $1,315/st. That means domestic CR is now theoretically $45/st more expensive than CR coil imported from Italy.
Without the 50% tariff, US prices, in theory, would be $454/st above Italian imports.
German CR coil
CRU’s German CR price was down $16/st vs. the previous week. After adding import costs and a 50% tariff, the delivered price of German CR is, in theory, $1,313/st. The result: Domestic CR is theoretically now $47/st more expensive than CR imported from Germany.
Without the 50% tariff, US prices, in theory, would also be $413/st above Italian imports.
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 consider when deciding where to source. 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.
