Whilst we continue to monitor the steel market very closely, the volatility has surpassed everyone’s expectations over the past 2 years. With the most recent increase dating back to September 22 announced by British Steel, we have however gratefully started to see the prices level off.
Previously the market had been stable for around 5 years, but with the aftermath surrounding Covid-19, Brexit and the Ukraine conflict has hit the construction industry hard. With both availability and labour in short supply, demand ever growing this has caused increased supply costings which is the aftermath of what we are seeing today.
As both cold-rolled and hot-rolled steel tonnage prices stabilised in the last quarter, we would expect this trend to continue into the first quarter of 2023.