Canadian steel companies announce steel price increases

Canadian steelmakers Stelco and ArcelorMittal announced a C$100 per short tonne increase in steel prices in Canada in letters to customers sent on November 5-6, 2025, Argus.Media reports.

This decision was in response to months of concerns about the state of the Canadian steel industry and the need to support domestic profitability.

According to Canadian producer Algoma, in the third quarter of 2025, Canadian steel prices were 40% lower than in the US, and tariffs significantly restricted access to the previously important US market. At the same time, in the US, prices for flat products ranged from $848.5 to $1,025 per short ton during the week of October 27-31, depending on the product grade.

Against the backdrop of US export restrictions, Canadian mills are trying to strengthen their domestic operations and profitability. The price increase is intended to partially offset losses caused by limited access to the largest market.

According to Canadian buyers, demand for steel remained moderate and stable throughout the summer and fall, but virtually no new contracts were signed. Many companies focused on maintaining current operations and jobs, as the lack of new orders limited business opportunities.

Analysts note that the price increases by Stelco and ArcelorMittal reflect a trend toward reorienting Canadian industry toward the domestic market and finding ways to maintain stability amid trade barriers with the US. Companies hope that new tariffs and local price increases will help restore margins and ensure financial stability in the coming quarters.

It should be noted that US producers are also gradually raising prices for rolled metal products. In particular, two large US steel companies, Nucor and Gerdau Long Steel North America, have increased the cost of all types of rebar by $30 per short ton for new orders received after November 7. Nucor has also raised its weekly spot price for hot-rolled coil for the third time in a row. As of November 11, the base price is $895/ton, and at the California Steel Industries plant, it is $950/ton.