Wells Fargo raises US steelmakers' PT on sustained higher prices

Wells Fargo raises price target on U.S. steelmakers as brokerage expects elevated price levels through at least Trump's administration

Brokerage raises PT on U.S. steelmakers Steel Dynamics STLD.O, Nucor NUE.N and Commercial Metals CMC.N; reiterates "overweight" ratings

Brokerage says increasingly self‑sufficient U.S. steel industry, now shielded from imports by 50% tariffs, is positioned to maintain elevated domestic prices for several years

Adds, uncertainty over demand and policy has skewed buyers to prefer domestic mill supply

Raises 2026/27 hot-rolled coil, a type of steel used widely in construction, automotive and industrial applications, forecast to $950 per short ton vs $875 and $900 per short ton vs $800, respectively

NYSE American Steel Index .STEEL up 19% YTD