In the largest increase in over two years, prices for both steel and aluminum moved upward in June, according to the Bureau of Labor Statistics.
The new BLS data shows that prices for steel mill products had increased by 5.1% over June of 2024, with aluminum mill shapes up by 6.3% during that same period.
Steel bar joists and rebar saw an 8.3% gain, while the fabricated structural metal commonly used for bridges had the greatest year-to-year gain at 22.5%.
President Trump earlier this year announced that he was generally increasing tariffs on U.S. steel and aluminum imports to 50% from the previous 25%. But those rates, set to become effective on August 1, have fluctuated depending upon the trade policies of the countries involved.
Brazil is set to see a 50% increase in steel; followed by a 35% increase for imports from Canada; and 30% for both Mexico and the European Union.
In a call on Monday, Lourenco Goncalves, chief executive officer of the steel manufacturing Clifford-Cliffs Incorporated, said the administration’s tariff policies are beginning to be felt in the industry.
“The Trump administration continues to show strong support to both the domestic steel and the domestic automotive sectors,” he said, adding: “We expect this trend to continue.”
July 22, 2025
By Garry Boulard
Photo courtesy of Pixabay
