Podcast: US steel demand ‘nowhere near’ prior expectations

MEPS International’s latest Market in Minutes podcast heard that steel demand was “nowhere near” US market participants’ earlier expectations, during August.

US steel market analyst, Laura Hodges, drew on research conducted for MEPS’s International Steel Review to summarise the nation’s steel market, its key price trends and outlook in the new 12-minute episode. 

Hodges said that steel supply was plentiful, with domestic steelmakers’ utilisation rates trending close to 80% and imports remaining above two million tonnes per month, despite 50% Section 232 steel tariffs. 

However, speaking to MEPS managing editor Tom Sharpe, she added: “You get the sense, speaking to MEPS research partners, that demand is just ‘okay’ and certainly not anywhere near where they thought it would be at the start the year.” 

MEPS’s International Steel Review recorded prices down for all flat steel products, in the US, during August. Despite the recent decline, Hodges said that prices are likely to trend lower during the remainder of 2025. 

She said: “There are two things that really need to happen for stronger demand and, of course, even stronger prices; lower interest rates, and the end of uncertainty around our US trade policy. 

“Both of these things are eventually going to happen, but we're not expecting the effects of both of these areas to really impact steel demand and prices until we get into 2026.” 

MEPS’s latest US-focussed Market in Minutes podcast – part of the Speaking of Steel podcast series – is available to watch now, via your favourite podcast provider. Click below to access the 12-minute episode: 

YouTube 

Spotify 

Apple Podcasts 

Regular insight into the United States steel market is published in MEPS’s International Steel Review. The monthly publication provides subscribers with steel prices, indices, market commentary and forecasts from key global steel markets. Contact MEPS for details of how to subscribe.