By Statistics Canada's price data, Canadian steel prices fell slightly through 2025 and then rose sharply in 2026. The Industrial Product Price Index for primary ferrous metal products ended 2025 lower than it started, then climbed from December 2025 to August 2026. Hot-rolled iron or steel products rose the most over those eight months. Most of the movement traces back to trade policy: US tariffs on Canadian steel, Canada's counter-tariffs on US steel, and Canada's own import quotas.
These are producer price indexes, not the price on any particular quote. Below is what the indexes show, the measures behind them as of October 2026, the tariff codes buyers search for, and what it all means if you're buying structural steel. We don't publish steel prices; for your project, ask for a current quote.
What the price indexes show
Statistics Canada's Industrial Product Price Index (IPPI, table 18-10-0266-01) tracks the prices Canadian manufacturers receive for their products each month. Several of its categories cover steel. The figures below are from the release of September 17, 2026, with August 2026 data marked preliminary.
| IPPI category | 2025 (Dec 2024 to Dec 2025) | 2026 to date (Dec 2025 to Aug 2026) | Year over year (Aug 2025 to Aug 2026) |
|---|---|---|---|
| Primary ferrous metal products | Down | Up | Up |
| Hot-rolled iron or steel products | Down | Up sharply | Up sharply |
| Iron or steel pipes and tubes | Down | Up sharply | Up sharply |
| Fabricated steel plate and other fabricated structural metal | Up slightly | Up modestly | Up modestly |
| Fabricated metal products and construction materials | Up | Up modestly | Up |
Source: Statistics Canada, Table 18-10-0266-01, not seasonally adjusted. Direction of change calculated from the published index values; see the table for the exact figures.
How to read this:
- Mill products moved first and hardest. The hot-rolled and pipe-and-tube categories cover the kind of steel that becomes beams, plate and hollow sections. They fell through 2025 and climbed steeply in 2026, with the pipe and tube index jumping again in August.
- Fabricated steel moved less. The index for fabricated structural metal rose more slowly. Fabricators' prices include labour, drawings and overhead, which don't swing with the steel market, and material bought earlier works through over months.
- Indexes lag and blend. August data was published in mid-September. Mill announcements and fabricator quotes can move faster, and a broad category can hide differences between products.
So the honest answer to "how much has steel gone up" depends on what you buy. Raw mill steel has risen far more in 2026 than finished, fabricated steel, and higher material costs tend to reach fabricated prices as older inventory is used up.
The tariffs and trade measures behind the increases
As of October 2026, these are the main measures affecting steel prices in Canada:
- US Section 232 tariffs. The US applies tariffs to steel imported from Canada. They remained after the July 2026 CUSMA joint review. With exports to the US cut back, Canadian mills sold more into the domestic market, which is consistent with the soft producer prices in 2025.
- Canadian counter-tariffs on US steel. Canada has applied surtaxes on many US-origin steel products since March 13, 2025, and raised them to 50 percent for most steel products effective September 8, 2026. Some relief is available case by case through remission.
- Tariff rate quotas. Since June 27, 2025, Canada has applied quotas to many imported steel products, with a surtax on volumes above the quota. Structural steel, plate, rebar and hollow structural sections are among the covered classes. Effective June 28, 2026, the program was extended to June 27, 2027, with quotas at 20 percent of 2024 import volumes for countries without a free trade agreement and 75 percent for free trade partners. The US and Mexico are exempt.
- Chinese-origin steel. A separate surtax applies to certain steel goods melted and poured in China.
- Steel derivative goods. Since December 26, 2025, a surtax applies to certain imported steel derivative products, including prefabricated structures and building frames.
Together these measures limit low-cost imports and leave more demand on Canadian mills, which supports the rise in 2026. They change often, so check the Department of Finance and Canada Border Services Agency (CBSA) notices for the current rules. For the rebar side of the same story, see our post on rebar price trends.
Tariff codes for steel plate, beams and HSS
People often search for the "HTS code" for steel plate or beams. Customs codes are built on the international Harmonized System (HS). The first six digits are shared worldwide; the US Harmonized Tariff Schedule (HTS) and the Canadian Customs Tariff each add more digits for their own tariff and statistics purposes.
| Product | HS subheading | Description (abbreviated) |
|---|---|---|
| Hot-rolled plate, not in coils, over 10 mm thick | 7208.51 | Flat-rolled non-alloy steel, 600 mm wide or more, not in coils |
| Hot-rolled plate, not in coils, 4.75 to 10 mm | 7208.52 | As above, 4.75 mm to 10 mm thick |
| Checker (tread) plate, not in coils | 7208.40 | Flat-rolled, with patterns in relief |
| Wide-flange beams, 80 mm high or more | 7216.32 or 7216.33 | I sections or H sections, hot-rolled |
| Channels, 80 mm high or more | 7216.31 | U sections, hot-rolled |
| Angles, 80 mm or more | 7216.40 | L or T sections, hot-rolled |
| Square and rectangular HSS | 7306.61 | Welded tubes and hollow profiles, square or rectangular |
| Rebar | 7214.20 | Bars with deformations produced in rolling |
| Fabricated structural steel | 7308.90 | Structures and parts of structures, other |
Source: Canadian Customs Tariff, Chapters 72 and 73. Alloy steel grades fall under different headings (Chapter 72, headings 7225 to 7228), and whether a wide-flange shape is an I or H section depends on its proportions.
A few points that catch buyers out:
- The code isn't the duty. Many of these headings carry a free most-favoured-nation rate in Canada (the structural shapes under 7216, for example). What changes the landed cost are the surtaxes and quotas above, which depend on the country of origin.
- Origin means where the steel was made, not where it was shipped from. Mill test certificates often show the country of melt and manufacture.
- Fabricated steel is classified differently from raw shapes. Once beams are cut, drilled and fitted for a structure, they can move to heading 7308.
- Classification is the importer's responsibility. Use a licensed customs broker or a CBSA advance ruling for anything you import.
What it means if you are buying structural steel
For a contractor or owner buying beams, columns, plate and HSS in Ontario, the practical effects are:
- Quotes are held for shorter periods. With mill prices moving month to month, suppliers may limit how long a price stands or add material escalation clauses. Read them.
- Origin affects cost. Imported material can carry surtaxes that domestic steel doesn't, and imported fabricated steel no longer has the cost position it once had.
- Fabrication buffers some of the swing. The steel is only part of a fabricated price, which is why fabricated steel indexes moved less than mill products. Our guide to structural steel price per tonne explains what else is in that number.
- Timing matters. A quote from early 2025 is not a guide to late 2026 prices in either direction.
How to protect your project budget
You can't control the steel market, but you can limit how exposed your project is to it:
- Get quotes close to when you will order, and ask how long the price is held.
- Settle the design early. A complete set of drawings lets a fabricator price real tonnage instead of allowances.
- Understand escalation terms on longer projects, and which direction they can move.
- Phase deliveries to match the schedule, so you commit to a price without storing steel on site.
- Compare quotes on the same scope: same drawings, same finish, same delivery and installation terms.
- Carry a contingency for material on projects with long lead times.
Our guide to steel beam prices in Canada explains how beam quotes are put together and how to compare them.
Getting a current steel price
Indexes and tariff notices tell you the direction of the market; only a quote tells you what your job costs today. Send your drawings through our quote form for a free take-off and price on structural steel and rebar, with in-house shop drawings, CWB certified fabrication and delivery across the GTA and Ontario, including phased deliveries to suit your schedule. Browse our steel products to see what we supply.
Frequently asked questions
How much have steel prices increased in 2026?
Yes. Statistics Canada's Industrial Product Price Index shows primary ferrous metal products rising from December 2025 to August 2026, with hot-rolled iron or steel products rising sharply. These are producer price indexes, not the price on a given quote.
Did steel prices go up in 2025?
Not at the Canadian producer level. The primary ferrous metal products index ended 2025 lower than it started, a year in which US tariffs cut Canadian steel exports. The increases came in 2026.
What is the tariff code for steel plate?
Hot-rolled carbon steel plate not in coils falls under HS 7208.51 (thicker than 10 mm) or 7208.52 (4.75 mm to 10 mm). The US HTS and the Canadian Customs Tariff both start with these six digits and add more for their own purposes. A customs broker confirms the full classification.
Do tariffs apply to steel made in Canada?
Canadian surtaxes and quotas apply to imported steel. Steel melted and rolled in Canada isn't subject to them, although tariffs on imports still affect the domestic market price because they change supply and demand.
Will steel prices come down?
Nobody can reliably say. Trade measures, scrap and energy costs, the Canadian dollar and construction demand all move steel prices, and several depend on policy decisions. Plan for movement and check how long a quote is held.
