Steel decreased 101 Yuan/MT or 3.05% since the beginning of 2025, 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 March of 2025.

In the fourth quarter of 2023, the price of the long steel in the USA reached 1513 USD/MT by December. Similarly, in Taiwan, the long steel prices hit 707 USD/MT in the same month. Moreover, Italy also saw long steel prices reaching 870 USD/MT during Q4 2023.

Explore IMARC’s newly published report, titled “Long Steel Pricing Report 2025: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of long steel pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

In the fourth quarter of 2023, the price of the flat steel in the USA reached 3479 USD/MT by December. Similarly, in China, the flat steel prices hit 1858 USD/MT in the same month. The Germany also saw flat steel prices reaching 3125 USD/MT during Q4 2023.

Explore IMARC’s newly published report, titled “Flat Steel Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of flat steel pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

After demand for steel dropped during the arrival of the COVID-19 pandemic in 2019, steel prices also took a hit. However, in 2021, hot-rolled coil (HRC) steel prices were projected to rebound to around 555 U.S. dollars per metric ton—a 15 percent recovery from the dip in prices that had continued into 2020.

The U.S. market by the end of 2021 The United States is among the markets where hot-rolled coil (HRC) steel prices are the highest in the world. It was expected that U.S. steel distributors and producers, such as Nucor and United States Steel, would benefit from the steel tariffs on U.S. imports that came into effect in the spring of 2018. At the same time, U.S. imports from the countries subjected to the so-called Section 232 tariffs were projected to decline. By the end of 2021, Canada was the main country of origin for the U.S.’s imports for consumption of steel products.

Impact on the Chinese market Even though a large part of China's steel exports to the United States had already been restricted through antidumping or countervailing duties, trade tensions put pressure on steel markets worldwide, including China. Chinese steel product imports amounted to 717.7 million U.S. dollars, making it the ninth country of origin for steel products in the United States. Overall, rolled steel was the seventh largest category of Chinese export goods in 2021, amounting to almost 529 billion yuan (approximately 82 billion U.S. dollars). This comes after China's steel sector had a drop in sales to its domestic auto sector in early 2019.

The globalsteel marketsize reached US$ 1,823.5 billion in 2022. Over the forecast period, global steel demand is anticipated to rise at 4.4% CAGR. Total market revenue is set to increase from US$ 1,893.9 billion in 2023 to US$ 2,901.9 billion in 2033.

2018 to 2022 Steel Market Outlook Vs. 2023 to 2033 Forecast

Country-wise Insights

Category-wise Insights

Steel Industry Research Scope

The Global Stainless Steel Market Report is Segmented by Type (Cold Flat, Hot Coils, Cold Bars, Hot Bars, Hot Plate and Sheet, and Others), End-User Industry (Automotive & Transportation, Building & Construction, Metal Products, Electrical Machinery, Mechanical Engineering, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and the Middle-East and Africa). The Report Offers Market Size and Forecasts for the Stainless Steel Market in Volume (million Tons) for all the Above Segments.

In 2024, the Chinese hot-rolled steel products market decreased by -9.7% to $395.1B, falling for the second consecutive year after two years of growth. Overall, consumption recorded temperate growth. Over the period under review, the market reached the peak level at $565.5B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

The Europe cold-rolled steel products market reached $38.5B in 2024, picking up by 6.7% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $51.8B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

HRC Steel increased 180.96 USD/T or 25.52% since the beginning of 2025, 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.

In the fourth quarter of 2023, the price of the HRB steel in the United States reached 1515 USD/MT by December. It encompasses an in-depth review of spot price of HRB steel at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of HRB steel price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The global precision stainless steel market is expected to be valued at US$ 2,488 million in 2023 and reach a valuation of US$ 3,754.29 million by 2033. The demand for precision stainless steel is estimated to grow at a steady 4.2% CAGR.

In 2023, the global steel demand amounted to roughly 1.77 billion metric tons, representing a slight decrease compared to the previous year. This figure was projected to decline by slightly in 2024 and increase in 2025. In 2025, the demand for finished steel products was forecast to reach just above 1.77 billion metric tons. Steel plays a crucial role in numerous sectors of construction and engineering. China is the world's largest steel market China is by far the largest market for the production and consumption of steel. In China, steel is used primarily for vehicle manufacturing, construction materials, and consumer electronics. As China’s growing economy continues to demand more steel, the energy sector must work hard to keep smelters running. Much of the energy demand is met with coal combustion, contributing to high levels of carbon dioxide emissions. Producing and consuming so much steel means that the global steel industry is tied to China’s steel sector and wider economy. Steel as a material and commodity Steel products are available in many forms, including slabs, rebars, and rods; each category provides different qualities to their use. Steel consumption is either from steel scrap or virgin steel. China Baowu Steel Group Corp. was the largest steel manufacturing company as of March 2023, with sales revenues of 161.7 billion U.S. dollars. Luxembourg’s ArcelorMittal came second with over 79.8 billion revenues.

The price of stainless steel plate in USA reached 3483 USD/MT during December 2023. Whereas, in the Chinese market the stainless steel plate price reached 1856 USD/MT in the fourth quarter in 2023. However, the price in Germany reached 3128 USD/MT in December 2023.

The Crude Steel Market Report is Segmented by Composition (Killed Steel and Semi-Killed Steel), Manufacturing Process (Basic Oxygen Furnace (BOF) and Electric Arc Furnace (EAF)), End-User Industry (Building and Construction, Transportation, Tools and Machinery, Energy, Consumer Goods, and Other End-User Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The Report Offers Market Sizes and Forecasts in Terms of Volume (Million Tons) and Revenue (USD) for all the Above Segments.

In 2025, the price of platinum is forecast to hover around 1,150 U.S. dollars per troy ounce. Meanwhile, the cost of per troy ounce of gold is expected to amount to 1,700 U.S. dollars.

Precious metals

Precious metals are counted among the most valuable commodities worldwide. The most well known such metals are gold, silver and the platinum group metals. A precious metal can be used as an industrial commodity or as an investment. The major areas of application include the following sectors: technology, car-making, industrial manufacturing and jewelry making. Furthermore, gold and silver are used as coinage metals, and gold reserves are held by the central banks of many countries worldwide in order to store value or for use as a redemption medium. The idea behind this procedure is that gold reserves will help secure and stabilize the countries’ respective currencies. At 8,100 tons, the United States is the country with the most extensive stock of gold. It is kept in an underground vault at the New York Federal Reserve Bank.

Russia, the United States, Canada, South Africa and China are the main producers of precious metals. Silver is the most abundant of the metals, followed by gold and palladium. Barrick Gold is the world’s largest gold mining company. The Toronto-based firm produced some five million ounces of gold in 2020. The leading silver producers include Mexico-based Fresnillo, Poland’s KGHM Polska Miedž and the mining giant Glencore. Anglo Platinum and Impala are the key mining companies to produce platinum group metals.

In 2023, Silver prices are expected to settle at around 23.5 U.S. dollars per troy ounce. It is expected to remain the precious metal with the lowest value per ounce. The price of gold is forecast to drop to around 1,663 U.S. dollars per ounce, making it the most expensive precious metal in 2023.

In the fourth quarter of 2023, the price of the mild steel plate in Japan reached 856 USD/MT (Mild Steel (JIS 3101-10 mm) Plate) by December.

Explore IMARC’s newly published report, titled “Mild Steel Plate Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of mild steel plate pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

In 2023, after two years of growth, there was significant decline in the U.S. market for raw steel and pig iron, when its value decreased by -7.6% to $14B. Overall, consumption continues to indicate a noticeable shrinkage. Raw steel and pig iron consumption peaked at $17.8B in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Forecast: Casting of Steel Market Size Volume in Italy 2023 - 2027 Discover more data with ReportLinker!

After two years of growth, the Pakistani market for raw steel and pig iron decreased by -14.5% to $67M in 2023. In general, consumption saw a noticeable curtailment. Raw steel and pig iron consumption peaked at $92M in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

The Galvanized Steel Market size was valued at USD 98.80 USD Billion in 2023 and is projected to reach USD 147.58 USD Billion by 2032, exhibiting a CAGR of 5.9 % during the forecast period. Zinc-coated steel called galvanized steel is popular for the production of buildings, automobiles, and all kinds of home appliances where durability and being able to resist corrosion are important. Kinds include plated-in dips and electroless that provide variety. Technology innovations enable higher production rates with less waste – which means the overall environmental impact is reduced. It is an extended-use technique that increases the life span of the product, reduces maintenance and improves the structural integrity. One of the benefits herein is the high level of durability and simplicity in maintenance as well as the possibility to recycle it. This makes the material a first choice in most applications across many industries. Recent developments include: December 2023: Nippon Steel entered into an agreement to acquire U. S. Steel Corporation. The company will acquire U. S. Steel in an all-cash transaction for USD 55.00 per share. This acquisition is expected to close in the second or third quarter of 2024., October 2022: ThyssenKrupp Steel introduced a new hot-dip galvanizing line at the Dortmund location, namely FBA 10. With this introduction, the company now has two modern hot-dip galvanizing lines and reached a total production capacity of nearly 1 million metric tons per year., September 2022: Nucor Corporation has announced it is ready to construct two new flat-rolled galvanizing lines at Nucor Steel Berkeley in South Carolina and another one in western U.S. which will commence its operations in mid-2025. The company’s expansion strategy helps it expand its capabilities and grow its participation in the consumer durables and automotive markets., August 2022: Ansteel Group acquired a Benxi Steel Company. This acquisition helps Ansteel Group to expand their steel capacity to 63 mn t/year. With this acquisition, Benxi Steel Company became a second-level subsidiary of Ansteel Group. Such acquisition creates an opportunity to increase the company's share in the market., February 2022: Nucor Corporation acquired California Steel Industries, Inc. (CSI) for a cash purchase price of USD 400 million. The acquired company operates to offer cold rolled, hot rolled, oiled and pickled, galvanized and ERW pipe. Such strategic developments help Nucor Corporation to make a strong presence in the Western region.. Key drivers for this market are: Growing Product Demand from Various End-use Industries to Drive Market Growth. Potential restraints include: High Price Volatility of Raw Types to Restrain Market Growth. Notable trends are: Increasing Trend toward the Use of Electro-Galvanizing Steel in Manufacturing Electric Parts to Present Market Growth.