Despite minor tariff-induce volatility. steel prices have steadily cooled off over the last year.

Steel prices have continued trending downward after several years of volatility, according to Gordian’s latest analysis based on RSMeans Data. After dramatic spikes during the pandemic-era supply disruptions, the market has gradually stabilized as supply chains improve and demand softens in some construction segments. However, selective volatility and tariff uncertainty continue to influence pricing across the sector.

Key findings from the report include:

• Steel prices declining: The national average price of structural steel fell to about $2,343.93 per ton in January 2026, down 5.38% from the previous quarter and 7.18% year over year.

• Longer-term price correction: Steel costs have been trending downward since 2024 after earlier volatility driven by inflation, supply shortages and global demand swings.
• Short-term fluctuations: Prices briefly rose in mid-2025, increasing 2.06% in Q3, while certain components—such as open web steel joists—spiked roughly 12% nationally.
• Market stabilizing: Overall construction material pricing is showing signs of balance, though metals like steel and copper still face upward pressure tied to tariffs, energy costs and global demand.

Gordian notes that while volatility has eased compared with earlier years, contractors should still plan for periodic price swings and regional variation when estimating projects.

SOURCE: “Steel Price Updates,” RSMeans Data / /gordian.com/resources/steel-price-updates/