Key takeaways

In 2026, US and Canadian stainless steel prices are expected to remain relatively stable. Alloy surcharges and trade measures may cause short-term fluctuations, but subdued demand will cap meaningful change.

 How to use these charts

In 2025, US stainless steel prices remained below the Q1 2024 baseline throughout the year. Weak global stainless steel demand, cautious behavior and lower alloy surcharges, linked mainly to softer nickel prices, kept transaction prices low. Section 232 tariffs were reinstated and later increased, which reduced import availability and helped limit further downside. However, the impact was muted. Mills faced continued resistance to price increases and inventories remained adequate. Prices therefore stayed depressed through year end, shaped more by trade measures than by any clear improvement in underlying demand.

In Q1 2026, US prices rose QoQ from Q4 2025 but remained below the Q1 2024 benchmark. Alloy surcharges increased compared to late 2025, reflecting higher nickel and molybdenum inputs. Demand remained subdued, limiting the extent to which tighter import conditions translated into broader pricing movement. Mills continued to operate with short lead times and buyers remained selective, keeping further price movement limited.

In Q2 2026, US stainless steel prices are expected to increase. Rising shipping costs, disruption to Middle East trade routes and the risk of further trade action under Section 301 investigations are more likely to affect import competitiveness than materially tighten supply in the absence of stronger end‑user demand.

In 2025, stainless steel prices in Canada were volatile. Prices declined in the first half due to global oversupply. This trend reversed in the second half of 2025, with prices increasing modestly from Q3 as stronger electric vehicle demand supported stainless steel consumption in battery components, covers and other vehicle applications. Trade measures introduced on 1st August 2025 added further pressure by tightening import limits for non-FTA countries and capping volumes for FTA partners. These measures were aimed at protecting the domestic market from excess global supply.

In Q1 2026, prices showed an upward QoQ movement. Prices are expected to increase in Q2 2026, followed by a moderate decline through Q3 to Q4 2026.

Links to additional commodities

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