Steel traded flat at 3,050 CNY/T on July 4, 2025. Over the past month, Steel's price has risen 3.74%, but it is still 9.47% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Steel - values, historical data, forecasts and news - updated on July of 2025.

In 2023, the price of fabricated structural steel in the United Kingdom has fallen by over ** percent. That came after the cost of that building material soared between 2020 and 2022. Most of that price increase happened in 2021, with a growth rate of **** percent that year. Structural steel is widely used for construction because it is durable, malleable, and strong, while also being cheaper than many other metals. For example, it is often used as a structural material for skyscrapers and other buildings, as well as for infrastructure. Why has the price of steel increased? Those price increases seen until 2022 have not just affected the UK, but many other countries around the world. For example, the cost of fabricated structural metal in the U.S. and that of structural steel and other steel products in Germany reached their highest growth rate in 2022. Supply chain disruptions along with a decrease in the global production of crude steel in 2020 were some of the main reasons for those price hikes in 2021. In addition to that, the price of iron ore, which is the main component of steel, and energy also had a strong impact on the final price of steel products those years. Largest steel producers In the past couple of years, China was by far the largest steel producer in the world, with a production volume that was well over ***** times higher than that of the second country in the ranking: India. Although the United States was also on that list along with Japan and Russia, it was not among the leading exporters of steel. The reason for that discrepancy is that a big share of the production in countries of the size of the U.S., China, and India goes to fill their own domestic needs. Meanwhile, **** of the ** companies with the highest output of steel came from China, with the rest coming from Luxembourg, Japan, South Korea, India, and the U.S.

The basic steel processing industry revenue is set to climb at a compound annual rate of 2.4% over the five years through 2025-26 to just over £1.2 billion, including a 2.7% hike in 2025-26. Industry revenue has been highly volatile in recent years, mostly as a result of volatiles steel prices. Supply chain disruptions and soaring energy costs (resulting from the Russia-Ukraine conflict) caused steel prices to skyrocket in 2022-23 balloning production costs for basic steel processing companies. While this inflated revenue as companies passed on the cost increases, sales volumes remained subdued as the same challenging market conditions ate away at downstream buyers’ demand for cold-formed steel products. Due to the steep steel prices and inflated energy costs during 2022-23 and part of 2023-24, basic steel processing companies have struggled to remain profitable despite raising their prices. As steel prices have significantly eased in 2025-26, profitability is set to see some improvement, reaching 6.4% in 2025-26. However, price volatility will continue to permeate the industry. Particularly due to the US’s new “Liberation Day” tariffs on steel and aluminium products. While the UK has reached a trade agreement with the US on 8 May 2025 to exempt British steel and aluminium products, the tariffs on other countries are set to spark trade diversions, supply chain restructuring and retaliatory tariffs in other markets, impacting global steel prices and industry revenue. Still, strong investment from British car manufacturers is set to support domestic demand for cold-formed steel products in 2025-26 and the coming years, shielding basic steel processing companies from the volatility of export markets. Over the five years through 2030-31, industry revenue is forecast to climb at a compound annual rate of 1.5% to £1.3 billion. Growth in vehicle and aerospace manufacturing output is set to support demand for cold-formed steel products. Oversupply of cheap steel on the global market will remain the most significant threat to UK cold-formed steel products manufacturers. However, UK steel import tariffs are set to continue protecting national steel processors until 9 February 2028 when the anti-dumping measure is set to expire. However, this will also keep input cost high for companies that aren’t vertically integrated or have their steel furnaces in other countries, like Voestalpine, limiting industry profitability.

HRC Steel fell to 883 USD/T on July 3, 2025, down 0.23% from the previous day. Over the past month, HRC Steel's price has risen 1.26%, and is up 32.77% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for HRC Steel.

Cold-Rolled Steel Products Price in the UK - 2023. Find the latest marketing data on the IndexBox platform.

In January 2023, the forged stainless steel bar price amounted to $6,948 per ton (CIF, United Kingdom), reducing by -7.8% against the previous month.

The prices of many construction materials in the United Kingdom kept increasing in 2024, but more moderately than in previous years. There were also several building materials whose prices fell that year. One of the most extreme examples was the price of flexible plastic pipes and fittings, which rose by over ** percent that year. The price of a couple steel products fell by over ** percent that year. In late 2024, copper-based products were among the building materials with the highest price increases in the U.S.

Metal wholesalers play a crucial role in distributing ferrous, non-ferrous and precious metals to downstream manufacturing and construction customers. Wholesalers’ performance is dictated mainly by global metal prices but also by downstream markets’ activity. The volatile nature of global metals markets carries over to metal and metal ore wholesaling, with UK tariffs artificially inflating steel prices and revenue. However, competition from wholesale bypass has limited revenue growth. Revenue is expected to climb at a compound annual rate of 1.7% to £28.1 billion over the five years through 2025-26, despite a 0.4% drop in the current year. Fluctuating metal prices have created significant industry revenue volatility. Prices initially surged over the two years through 2022, due to rebounding activity and demand following COVID-19 restrictions. Higher metal prices allowed wholesalers to charge customers more, fuelling revenue and profit expansion. Prices have been falling in the years since amid wider economic uncertainty and constrained activity in manufacturing and construction markets due to severe inflationary pressures. For example, major wholesalers like ASD and Barrett Steel reported severe drops in revenue and profit in 2023. In contrast, the precious metals market has thrived, with gold reaching record highs due to geopolitical uncertainty, benefiting wholesalers in that segment. Ongoing geopolitical tensions and escalating trade war uncertainty have put further pressure on most metal prices and downstream market activity, weighing on wholesalers’ revenue and profit in 2025-26. The Metal & Metal Ore Wholesaling industry is forecast to expand at a compound annual rate of 1.5% to £30.3 billion over the five years through 2030-31. Volatile metal prices will continue to create uncertainty for future growth, potentially constraining revenue and profit. Expanding construction activity, partly thanks to strong government support for housing and infrastructure, and improving manufacturing output, mainly in transport and machinery manufacturing, will drive demand for metals like steel, copper and aluminium. UK government measures, including introducing a new steel strategy and carbon border adjustment mechanism, should support domestic sourcing and stabilise supply chains. Meanwhile, demand for critical minerals will climb, driven by the energy transition and green technologies, offering opportunities for wholesalers willing to adapt. Wholesale bypass will remain a significant source of competition for wholesalers. To remain competitive, wholesalers will need to enhance customer service, logistics and value-added offerings.

This statistic illustrates the monthly product cost index of basic iron, steel and ferroalloys manufactured in the United Kingdom (UK) from July 2016 to July 2018. During the months recorded here, the product cost index of basic iron, steel and ferroalloys reached a peak in July of 2018 at 120.4 points.

Over the five years through 2024-25, iron and steel manufacturing revenue is expected to dip at a compound annual rate of 3.3% to £7.2 billion. Heaps of cheap steel on the global market have undercut British prices and caused big trade partners like the EU to institute import quotas. Unable to lower prices because of high labour costs and environmental charges, industry giants like British Steel and Tata Steel have stated a need for government intervention to continue operating. Both companies are also moving away from blast furnace operations to invest in greener electric arc furnaces, marking a complete industry shift. Tata Steel closed its Port Talbot site in September 2024, marking the end of traditional steelmaking in Wales and the switch to its electric arc furnace, which is set to begin operations in 2028. British Steel is preparing to close its Lincolnshire blast furnace site before the end of 2024-25. However, ongoing discussions with the government over the size of the support package for British Steel’s transition could delay the closure. The industry has been wracked by volatility. Metal prices dropped during 2020-21 as the COVID-19 pandemic slashed downstream demand for iron and steel. However, as manufacturing and construction activity started recovering in 2021-22, iron and steel prices soared as production failed to keep up, causing a global undersupply of steel. This massively raised revenue in 2021-22, driving up profitability. Steel prices started to dip in 2022-23, bringing down iron and steel manufacturers’ revenue. In 2024-25, revenue is set to dip by 2.9% owing to a slump in sales volumes in the second half of the year, resulting from the 2024 Autumn Budget denting business confidence and slashing construction and manufacturing new orders. This will coincide with iron and steel prices continuing to stave off. Profit is expected to remain flat as iron ore, carbon and energy prices continue to normalise, reducing manufacturers’ costs. However, higher wage costs and subdued demand will keep profit low at 1.1% in 2024-25. Over the five years through 2029-30, revenue is forecast to drop at a compound annual rate of -0.2% to £7 billion. While UK steel manufacturers no longer face tariffs in the US, EU import quotas will stay put, causing significant harm. Despite UK quotas, competition from imports will prevail, especially as China’s manufacturing rebounds. Reduced production from British Steel and Tata Steel as both companies switch to electric arc furnace production will also hinder revenue growth until 2028-29.

After three years of growth, the UK hot-rolled round stainless steel market decreased by -6.9% to $880M in 2024. Overall, the total consumption indicated a moderate expansion from 2012 to 2024: its value increased at an average annual rate of +3.9% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Hot-rolled round stainless steel consumption peaked at $945M in 2023, and then dropped in the following year.

United Kingdom ExPI: EU: Basic Metals (BM): Basic Iron & Steel & of Ferro Alloys data was reported at 0.000 2005=100 in Oct 2012. This records a decrease from the previous number of 105.500 2005=100 for Sep 2012. United Kingdom ExPI: EU: Basic Metals (BM): Basic Iron & Steel & of Ferro Alloys data is updated monthly, averaging 40.950 2005=100 from Jan 1996 (Median) to Oct 2012, with 202 observations. The data reached an all-time high of 133.400 2005=100 in Apr 2011 and a record low of 0.000 2005=100 in Oct 2012. United Kingdom ExPI: EU: Basic Metals (BM): Basic Iron & Steel & of Ferro Alloys data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.I045: Foreign Trade Price Index: SIC 2007: 2005=100: Export Price Index: EU.

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Stainless Steel Market Size 2023-2027

The stainless steel market size is forecasted to increase by 10,299.64 thousand tons at a CAGR of 3.38% between 2022 and 2027. Market growth relies on various factors, notably the increased consumption of high-strength stainless steel, propelled by its corrosion resistance and excellent mechanical properties. Additionally, economic expansion in China and India contributes significantly to market growth. As these nations continue to develop industrially and infrastructurally, the demand for stainless steel, particularly for construction and manufacturing applications, is expected to rise. This confluence of factors positions the market for substantial growth in the foreseeable future. Furthermore, the stainless steel market analysis report includes historic market data from 2017 to 2021. The stainless steel market forecast indicates robust expansion, driven by increasing demand for steel across various industries. The stainless steel market size growth is propelled by advancements in production technologies and the rise of sustainable manufacturing practices. Current stainless steel market trends show a surge in applications, particularly in construction and automotive sectors, underscoring its vital role in modern infrastructure.

What will be the Size of the Stainless Steel Market During the Forecast Period?

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Stainless Steel Market Segmentation

The stainless steel market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in 'USD Million' for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments

End-user Outlook 

  Metal products
  Mechanical engineering
  Automobile and transportation
  Infrastructure and construction
  Electrical engineering





Product Outlook

  Flat
  Long





Region Outlook

  North America

    The US
    Canada


  Europe

    The UK
    Germany
    France
    Rest of Europe


  APAC

    China
    India


  Middle East and Africa

    Saudi Arabia
    South Africa
    Rest of the Middle East and Africa


  South America

    Argentina
    Brazil
    Chile

By End-user

The market share growth by the metal products segment will be significant during the forecast period. The use of stainless steel in metal products provides an aesthetic appeal, extensive textures, strength, functionality, corrosion resistance properties, and ease of cleaning properties such products, driving the growth of steel manufacturing. The demand for stainless steel for manufacturing metal products is high due to its ease of fabrication and mechanical properties.

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The metal products segment showed a gradual increase in the market share of 20,426.71 thousand t in 2017. Stainless steel is used in jewelry, belt buckles, clips, casings, watch straps and backs, cooker hoods, outdoor kitchen cabinets, worktops, drainers, sinks, and others. It is also used in kitchen vessels due to its hygiene properties, durability, and resilience to food discoloration and spoilage. The shift in consumer preference toward hygienic and easy-to-clean products is likely to increase the demand for stainless steel in metal products during the forecast period.

By Region

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APAC is estimated to account for 76% of the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC has some of the largest stainless steel-producing countries in the world, such as China, Japan, South Korea, and India. China was the largest producer and consumer of stainless steel in 2020. Manufacturers are shifting to the consumption of scrap steel and stainless steel as raw materials to reduce pollution as well as manufacturing costs. These factors will drive the growth of the market in APAC during the forecast period.

Stainless Steel Market Dynamics

The market plays a vital role across various sectors, including residential housing, building & construction, railways, and automotive & transportation. Its resistance to corrosion surpasses that of carbon steel, making it a preferred choice. Renowned companies like Jindal Steel and Daido Steel contribute to its production capacities. Stainless steel finds applications in diverse architectural elements such as railings, roofing, and staircases, offering both pliability and appealing aesthetic properties. Moreover, it serves industrial needs like heat exchangers and tubulars, alongside providing swimming pool shades, canopies, and atriums with durability and low maintenance cost during repair and renovation

Metal structure manufacturers have faced a series of hurdles in the past years, as macroeconomic headwinds dampened downstream demand from key markets, mainly construction. Over the five years through 2024-25, metal structure makers' revenue is forecast to fall at a compound annual rate of 2.2% to £8.4 billion. Metal structure manufacturers faced considerable challenges in 2020-21. Supply chain disruptions, economic instability and fluctuating commodity prices, particularly steel, tanked revenue. Costs associated with raw materials, mainly influenced by steel prices, were passed through the supply chain, resulting in lower-end prices and diminished profitability. Despite a rebound in 2021-22, revenue dipped over the two years through 2023-24 amid rising inflation and project delays in the construction sector. Commercial construction has been a key support for the industry, especially as business capital expenditure is rising in 2024-25, boosting structural steel sales, particularly for multi-storey office buildings and large-frame projects. Government initiatives like the Help to Buy scheme and the Housing Infrastructure Fund have also bolstered residential construction, somewhat offsetting the adverse effects of falling prices and surging interest rates limiting residential construction activity. Looking ahead, Brexit-induced trade challenges pose a significant threat to the industry's steel supply. Sales to the commercial and residential construction sector are expected to climb, driven by government policies and investments in infrastructure projects like the High Speed 2 railway and Hinkley Point C power station. Mitigating international competition through measures like tariffs on Chinese steel could provide some relief for domestic manufacturers, enabling them to better compete in a fluctuating global market. The industry’s outlook relies heavily on navigating these trade regulations and maintaining a steady supply chain. Metal structure manufacturers' revenue is forecast to creep upwards at a compound annual rate of 1.6% over the five years through 2029-30 to £9.1 billion.

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Carbon Steel Market Size 2024-2028

The carbon steel market size is forecast to increase by USD 187.59 billion at a CAGR of 3.58% between 2023 and 2028.

The market is experiencing significant growth, driven primarily by the increasing demand in the construction industry for its durability and cost-effectiveness. This sector's expansion is further fueled by the global shift towards sustainable manufacturing practices, as carbon steel's production process emits less greenhouse gases compared to other steel types. However, the market is not without challenges. Volatile prices of raw materials, such as iron ore and coal, pose a significant threat to market growth. Producers must navigate these price fluctuations to maintain profitability and remain competitive. To capitalize on market opportunities and navigate challenges effectively, companies must focus on operational efficiency, supply chain optimization, and strategic sourcing of raw materials. Additionally, investments in research and development to improve production processes and create value-added products can differentiate market players and provide a competitive edge. Overall, the market presents a compelling growth opportunity for investors and businesses, with the potential for significant returns in the long term.

What will be the Size of the Carbon Steel Market during the forecast period?

Request Free SampleCarbon steel, a fundamental component in construction and engineering, continues to shape industries with its versatile properties and evolving trends. Steel architecture's growth is driven by stringent safety standards and advanced forming processes, leading to innovative product development. Traceability and certification are crucial in ensuring steel's quality and reliability, while R&D and collaborations propel industry 4.0 and circular economy initiatives. Microstructure analysis and inspection standards play a pivotal role in enhancing steel's performance and sustainability. Simulation, testing methods, and optimization software facilitate efficient manufacturing processes and smart steel applications. Industry associations and partnerships foster knowledge exchange and digitalization, enabling a competitive market landscape. Steel's investment potential lies in its versatility, as it adapts to various engineering applications and welding processes. Sustainability initiatives and quality control measures further strengthen its appeal. Green steel, a promising trend, focuses on reducing carbon emissions and improving overall environmental impact. In the realm of steel manufacturing, collaboration, innovation, and adherence to industry standards are key to staying competitive. The future holds exciting possibilities as steel continues to adapt and evolve, offering endless opportunities for businesses.

How is this Carbon Steel Industry segmented?

The carbon steel industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. End-userConstructionShipbuildingAutomotiveTransportationOthersTypeLow carbon steelMedium carbon steelHigh carbon steelProductLong SteelFlat SteelTubular SteelGeographyAPACChinaIndiaJapanEuropeFranceGermanyItalyUKNorth AmericaUSCanadaMiddle East and AfricaEgyptKSAOmanUAESouth AmericaArgentinaBrazil

By End-user Insights

The construction segment is estimated to witness significant growth during the forecast period.Carbon steel plays a pivotal role in various industries, including construction, manufacturing, energy, and transportation. In the construction sector, carbon steel's high strength and ductility make it an ideal choice for constructing high-rise buildings, tech parks, roads, highways, bridges, and other infrastructure projects. The global construction industry is experiencing moderate growth, driven by the increasing demand for residential and commercial buildings worldwide. Heavy equipment and industrial machinery also rely heavily on carbon steel for their manufacturing due to its heat resistance and wear resistance. The energy sector utilizes carbon steel pipes and plates for their high strength-to-weight ratio and corrosion resistance, making them suitable for transporting oil and gas. Steel manufacturers employ various processes such as forming, finishing, optimization, and recycling to produce different grades of carbon steel, including high strength steel, stainless steel, and alloy steel. These grades cater to diverse applications, including automotive, aerospace, and advanced technology industries. Steel suppliers and distributors play a crucial role in the steel supply chain by ensuring timely delivery of steel products to various industries. Steel prices are influenced by several factors, including production costs, demand, and market conditions. Steel research an

Discover the latest trends in the UK stainless steel household articles market with anticipated growth in market volume and value over the next decade.

This statistic illustrates the monthly product cost index of steel drums and similar containers manufactured in the United Kingdom (UK) from July 2016 to July 2018. The product cost index increased over the period recorded here and reached a maximum of 95.4 points in January 2018.

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Steel Manufacturing Market Size 2025-2029

The steel manufacturing market size is forecast to increase by USD 455.4 billion, at a CAGR of 4.5% between 2024 and 2029.

The market is driven by the increasing consumption of high-strength steel, which is increasingly preferred in various industries due to its superior properties. This trend is further fueled by the growing demand for steel and stainless steel scrap, serving as crucial raw materials in steel production. However, the market faces challenges from excess production capacity, leading to intense competition and price pressures. Companies must navigate these dynamics to capitalize on opportunities and maintain profitability. Strategic initiatives such as innovation, operational efficiency, and geographic expansion can help steel manufacturers stay competitive and thrive in this dynamic market.

What will be the Size of the Steel Manufacturing Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free SampleThe market continues to evolve, driven by dynamic market conditions and shifting applications across various sectors. Basic oxygen furnaces and blast furnaces remain the cornerstone of steel production, transforming iron ore into molten steel for further processing. The resulting steel is then shaped through continuous casting, hot rolling, and cold rolling into various forms such as bars, slabs, sheets, tubes, pipes, and plates. Steel consumption patterns are influenced by the demands of industries like consumer goods, automotive, construction, and energy. Stainless steel, with its superior strength and resistance to corrosion, finds extensive use in these sectors. Steel imports and exports shape global supply chains, with electric arc furnaces playing a crucial role in steel recycling and the production of alloy steel and high-strength steel. Steel grades and quality standards are continually evolving to meet the specific requirements of various applications. Carbon steel, galvanized steel, and prepainted steel are some of the many grades available. Steel pricing remains a critical factor, influenced by production costs, supply and demand, and market trends. The ongoing development of steel manufacturing technology further enhances the industry's ability to meet the evolving needs of its diverse customer base.

How is this Steel Manufacturing Industry segmented?

The steel manufacturing industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userConstructionMachineryAutomotiveMetal productsOthersTypeFlatLongGeographyNorth AmericaUSCanadaEuropeFranceGermanyRussiaUKAPACChinaIndiaJapanSouth AmericaBrazilRest of World (ROW).

By End-user Insights

The construction segment is estimated to witness significant growth during the forecast period.The market is driven by the construction sector, which accounted for the largest share in 2024. This growth can be attributed to the construction of infrastructure projects such as skyscrapers, tech parks, roads, motorways, and bridges. Steel's strength and ductility make it an ideal choice for the building industry. It is commonly used in the production of high-strength plates for roads and bridges, rectangular tubing for welded frames, and beams for structural frameworks. Rebar and hollow structural components are also manufactured using steel. Additionally, steel is utilized in sign poles, fences, caissons, columns, culverts, pilings, and handrails due to its properties of durability, affordability, and adaptability for prolonged exposure to weather. Steel manufacturing processes include the use of electric arc furnaces, basic oxygen furnaces, and blast furnaces. Steel grades such as carbon steel, alloy steel, stainless steel, and high-strength steel are produced using these processes. Steel production capacity is increased through continuous casting, hot rolling, cold rolling, and continuous annealing. Steel scrap is recycled and reused in the manufacturing process, contributing to the sustainability of the industry. Steel applications extend beyond the construction industry to consumer goods, transportation, packaging, and industrial machinery. Prepainted steel, galvanized steel, and steel coatings are used in the production of appliances, automobiles, and packaging materials. Steel tubes and pipes are utilized in the oil and gas industry for transportation and storage. Steel wires are used in various applications such as fencing, wire ropes, and electrical conductors. Steel exports and imports play a significant role in the global steel market. Steel production and consumption vary across regions, leading to fluctuations in prices. Steel qu

In 2024, after two years of growth, there was decline in the UK market for welded and cold-formed sections of steel, when its value decreased by -1.6% to $629M. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Welded and cold-formed steel sections consumption peaked at $705M in 2020; however, from 2021 to 2024, consumption remained at a lower figure.

Forecast: Basic Iron, Steel and Ferro-Alloys Labour Cost Per Employee FTE in the UK 2024 - 2028 Discover more data with ReportLinker!