The price of steel, aluminum, and copper—each targeted by tariffs—increased in the third quarter. While the prices for some other construction materials moderated, broader market inflation and unemployment ticked up, leading the Federal Reserve to cut interest rates twice so far in the second half of 2025.
Steel, Aluminum, and Copper
The prices of steel, aluminum, and copper—each a target of product-specific tariffs—continued to climb in the third quarter. The average mill price for a W14x68 steel beam rose 6% in Q3 alone, from $1,325.00/ton in June to $1,400.00/ton in September. Over the 12 months ending August 2025, the Produce Price Index (PPI) for steel mill products increased 13.1%, the PPI for steel joists and rebar increased 8.8%, and the PPI for fabricated steel increased 7.6%. Over that same period, the PPI for aluminum mill shapes increased 22.8% and the PPI for nonferrous (for example, copper) wire and cable increased 10.2%.
The largest U.S. steel producer, Nucor, announced that it raised the price of its wide flange beams, standard beams, and piling products $35 per ton effective September 15, 2025. Nucor Tubular Products also announced a $50 per ton price increase on tube steel/hollow structural sections (HSS), mechanical, and piping products effective October 27, 2025. Finally, Vulcraft, a division of Nucor, announced a “minimum of 5% price increase” on joists and deck effective August 1, 2025.
SOURCES: American Institute of Steel Construction (citing Nucor-Yamato Steel Company, Steel Dynamics, and the U.S. Bureau of Labor Statistics); Producer Price Indexes, U.S. Bureau of Labor Statistics; Nucor-Yamato Steel Company; Nucor Tubular Products; Vulcraft/Nucor
SOURCE: U.S. Bureau of Labor Statistics, 12-Month Percentage Change in PPIs (Aug. 2024 to Aug. 2025)
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