Steel prices are on the rise. Countless industries rely on steel to create automobiles, household appliances, and much more. However, the 2020s so far have not been easy for businesses that count on steel for production. Supply chain issues and alarming shortages have caused steel prices to spike dramatically.
During the 2020 shutdowns, many steel mills halted production due to fear of pandemic-related recessions. As steel production plummeted, the demand for steel products rose. Many Americans decided to invest in house renovations while stuck at home. Refrigerators, grills, stovetops, and other household appliances were highly demanded.
The lack of supply and the high demand lead to a sharp rise in the price of steel. Although DIY construction projects may start to cool down, large industries like oil and gas are in high demand for steel as the economy reopens.
Another huge factor contributing to rising steel prices was two significant acquisitions in 2020. Cleveland-Cliffs Inc. acquired ArcelorMittal USA LLC and its subsidiaries to form the largest flat-rolled steel producer in North America. Cleveland-Cliffs Inc. also completed a merger with AK Steel Holding Corporation to create a steel duopoly in the United States. Cleveland-Cliffs has little incentive to lower steel prices anytime soon. Unfortunately, MEPS predicts steel prices will remain high through 2022.
How Much is Steel Worth?
The price of steel is constantly fluctuating, but as of February 2022, the price of a tonne of steel rebar is around $4,800. There are a variety of factors to account for when pricing steel. Customers can expect to pay more for custom steel sheets finished to their specifications versus sourcing scrap steel.
Where to Buy Steel?
As one of the top steel service centers in the country, we provide steel products and steel services to accommodate a variety of industries. There are many types of steel, and prices vary across them. We offer:
- Cold-rolled steel
- Aluminized steel
- Stainless steel
- Galvanized steel
- Galvanneal steel
- Bonderized steel
Every client has different needs. Our steel technicians can work with your team to deliver premium steel for your business finished to your exact specifications. Our steel finishing services include:
Quick Service Steel
We offer advanced steel services to process our premium steel to our client’s specifications. Our steel services include:
Get a Quote for Your Next Project
Contact us for a pricing quote for your next steel project. We’ll discuss how we can offer you the steel you need at an affordable rate. We have several locations across the country. Contact us today to coordinate a time to speak to one of our steel technicians.