Steel prices just hit a 4-year high.

Hot-rolled coil up 52% YoY → $1,255/ton (last seen May 2022)

The driver? Trump tariffs crushing foreign supply.

Steel imports down 14% in first 9 months of 2026.

This is inflationary pressure hitting construction, manufacturing, and anything touching physical infrastructure. Margins getting squeezed hard.

Watch how this ripples into:
→ Real estate costs
→ Manufacturing input prices
→ Broader CPI data

Macro headwinds stacking up. Trade accordingly.