Proposal to launch steel hot-rolled coil index, fob mill Canada

Section 232 tariffs have disrupted traditional supply chains that were facilitated by the North American Free Trade Agreement (NAFTA) between the US, Canada and Mexico and then by the revamped he US-Mexico-Canada Agreement (USMCA).

US President Donald Trump’s imposition of steep metal tariffs in 2025 has effectively cut off many Canadian steel market participants from accessing the US markets easily, leading to several Fastmarkets clients asking for localized solutions that reflect the regional differences between the two neighboring countries.

The Canadian hot-rolled coil market is concentrated in Ontario, which is also the center of automotive manufacturing, with assembly plants and original equipment manufacturers (OEMs) of major auto companies present in the region.

This price launch will expand the coverage of the North American HRC market, complementing existing Fastmarkets’ HRC product offerings in the Midwest, South and the West. The new Canadian HRC price index will serve as a reference point for market participants, particularly end customers seeking clarity amid tariff-related uncertainty.

The specifications are as follows:

Steel hot-rolled coil index, fob mill Canada, C$/cwt
Quality: ASTM A1011 Commercial Steel and corresponding grades. 0.09-0.38in thick x 48-72in wide
Quantity: Min 50 short tons
Location: FOB mill Canada
Unit: C$ per hundredweight
Publication: Weekly, Thursday 4-5pm ET
Notes: Standard packaging, raw materials surcharges included. Payment terms are typical commercial practice in the HRC market. Transactions that are conducted on different payment or credit terms will be adjusted back to the base specifications, taking into account discounts and standard commercial terms.

This index will be part of the Fastmarkets steel package.

The consultation period for this proposed launch starts from Friday December 19 and will end on Friday January 30, 2026. The launch will take place, subject to market feedback, on Thursday February 5, 2026.

Fastmarkets’ index methodology screens outliers and applies a quantity-weighted model to ensure that the steel hot-rolled coil index, fob mill Canada, is the most robust in the industry. Fastmarkets has no financial interest in the level or direction of the index.

To provide feedback on these price assessments, or if you would like to provide price information by becoming a data submitter to these prices, please contact Rijuta Dey by email at pricing@fastmarkets.com and steel@fastmarkets.com. Please add the subject heading “FAO: Rijuta Dey re: Canada HRC index.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets pricing methodology and specification documents, go to the Fastmarkets methodology page.