Key Takeaways

• August delivered a clear rebound in U.S. carbon steel imports, but the mix of products behind the headline points to a more complicated story than a simple return to higher volumes.
• Canada and Mexico remain major suppliers to the U.S. market, yet their rolling 12-month shipments have moved sharply lower, and the reasons are not as clear as the tariff headlines suggest.
• Trade agreement status has not translated into tariff relief on steel, and the details of how the current duty framework is applied may matter more to buyers than the headline rate.

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