Steel fell to 3,158 CNY/T on July 31, 2025, down 2.17% from the previous day. Over the past month, Steel's price has risen 4.22%, and is up 5.27% compared to the same time last year, 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.

Get the latest insights on price movement and trend analysis of Steel in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

Stainless steel prices fell in 2024 due to oversupply and weak demand; 2025 outlook signals further declines amid market saturation.

HRC Steel rose to 857.96 USD/T on July 29, 2025, up 0.94% from the previous day. Over the past month, HRC Steel's price has fallen 2.50%, but it is still 22.04% higher than a year ago, 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.

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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

Get the latest insights on price movement and trend analysis of Stainless Steel in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

China steel prices continue to level off from mid-May heights off the back of sluggish seasonal demand, declines in domestic manufacturer steel consumption and government pledges to curb “unreasonable” demand, despite tighter climate controls on steel production. Overall, Asia-Pacific steel prices are still set to stay elevated in the medium-term with support from robust infrastructure spending, though concerns loom oversupply capacity expansions in South-East Asia and tightening of fiscal spending in China.

Graph and download economic data for Producer Price Index by Commodity: Metals and Metal Products: Cold Rolled Steel Sheet and Strip (WPU101707) from Jun 1982 to Jun 2025 about steel, metals, commodities, PPI, inflation, price index, indexes, price, and USA.

Why did the Stainless Steel (Flat) Price Change in July 2025? The Stainless Steel (Flat) Price Index in North America registered a quarter-over-quarter decline of 5.3% in Q2 2025, reflecting a softening pricing environment driven by supply-demand imbalances and tepid downstream consumption.

This statistic shows steel scrap prices worldwide between the 2013 and 2016 calendar years, and gives a forecast through 2021. In 2018, it is expected that the price of steel scrap will come to around *** U.S. dollars per metric ton.

The global steel market size attained a volume of around 1738.39 MMT in 2024. The market is projected to grow at a CAGR of 2.24% between 2025 and 2034 to reach a volume of nearly 2169.48 MMT by 2034. The growing demand in the steel market is due to the increasing infrastructure investments and expanding sectors including automotive and construction. Rising urbanization needs and an increasing need for durable materials in urban development projects have motivated the growth to a great extent. Since the automotive industry requires high-quality steel products to manufacture vehicles, it plays a significant role in steady growth. Steel usage for the production of components that are quantitatively effective is expected to be driven by the renewable energy sectors, particularly the wind and solar energy industries. The steel sector is set to grow as global infrastructure investment rises, with a particular emphasis on developing high-performance materials in line with environmental pledges.

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 *** U.S. dollars per metric ton—a ** 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 ***** 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 *** billion yuan (approximately ** billion U.S. dollars). This comes after China's steel sector had a drop in sales to its domestic auto sector in early 2019.

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Steel Market Size 2025-2029

The steel market size is forecast to increase by USD 307.4 billion at a CAGR of 4.5% between 2024 and 2029.

The market is experiencing significant shifts driven by urbanization and infrastructure development. The increasing demand for steel in construction and infrastructure projects, particularly in emerging economies, is a key growth driver. Steel is used in jewelry, belt buckles, clips, casings, watch straps and backs, cooker hoods, outdoor kitchen cabinets, worktops, drainers, sinks, and others. Moreover, the trend toward sustainable steel production is gaining momentum as companies seek to reduce their carbon footprint and meet evolving consumer preferences. However, the market faces challenges in the form of trade barriers and protectionist policies. These obstacles can hinder the free flow of steel between countries and potentially disrupt global supply chains.
Companies must navigate these challenges by exploring alternative sourcing options and strengthening their relationships with key suppliers. To capitalize on opportunities and mitigate risks, strategic planning and operational agility are essential. Companies that can effectively address these market dynamics will be well-positioned to thrive in the evolving steel landscape. Advanced properties of steel, such as pliability and appealing aesthetic properties in diverse architectural elements such as railings, roofing, and staircases will fuel the market growth inthe coming years.

What will be the Size of the Steel 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.
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The market is a dynamic and intricate industry encompassing various sectors, including steel prices, fabrication, aerospace, automotive, research, and construction. Steel prices fluctuate based on supply and demand, with recent trends pointing towards increased costs due to raw material expenses and logistical challenges in steel transportation. In the realm of innovation, powder metallurgy and advanced steel alloys are gaining traction, offering enhanced properties for high-performance applications. The steel aerospace and automotive industries rely on lightweight, high-strength steel to optimize fuel efficiency and reduce emissions. Steel research continues to push boundaries, with developments in steel composites and 3D printing technology revolutionizing construction and engineering projects.
The steel supply chain is undergoing digital transformation, streamlining processes and improving efficiency. Steel demand remains strong, driven by infrastructure development, energy projects, and the ongoing need for durable, reliable materials. The steel industry's focus on sustainability and energy efficiency is shaping future trends, with steel manufacturing processes becoming more environmentally friendly and energy-intensive operations being optimized. Ultimately, the market's resilience and adaptability ensure its continued relevance in diverse industries and applications.

How is this Steel Industry segmented?

The steel 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.

Type

  Flat steel
  Long steel


Application

  Structural steel
  Automotive steel
  Electrical steel
  Packaging steel


End-user

  Construction
  Transportation
  Machinery
  Metal goods
  Others


Method

  Basic oxygen furnace
  Electric arc furnace
  Open hearth furnace


Geography

  North America

    US
    Mexico


  Europe

    Germany
    Italy
    Russia


  Middle East and Africa

    Turkey


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Type Insights

The flat steel segment is estimated to witness significant growth during the forecast period. In the realm of flat steel, a significant sector within the global market, products are crafted from slabs into sheets, plates, coils, and strips. These materials, renowned for their versatility, strength, and adaptability, underpin numerous industrial applications. Major product categories include hot-rolled coil (HRC), cold-rolled coil (CRC), galvanized steel, tinplate, and steel plates, each customized to meet distinct performance needs, such as surface finish, tensile strength, and corrosion resistance. Flat steel assumes a pivotal role in the automotive industry, where it contributes to the production of body panels and structural components. The steelmaking process involves various techniques, including blast furnace, basic oxygen furnace, and electric arc furnace, while recycling steel scrap is a crucial aspect of sustainable steel production.

Alloying elements

The global stainless steel market reached a value of almost USD 153.26 Billion in 2024. The industry is further expected to grow at a CAGR of 6.80% in the forecast period of 2025-2034 to reach a value of nearly USD 295.90 Billion by 2034. The stainless steel market is witnessing rapid growth worldwide as demand grows in various industries, including engineering, electronics and construction. Asia Pacific is a prominent region due to the high production and consumption levels. The U.S. market is also increasing at a steady rate due to increasing infrastructure development and manufacturing activities. These properties give stainless steel excellent corrosion resistance and a wide range of applications, which are particularly useful for automotive, electronics, architecture. The global stainless steel market is anticipated to shoot up further as higher production technology and the diversification of stainless steel usage into new sectors will continue to drive the market. It has a good growth potential, with rising worldwide usage.

The global steel market, valued at $1,329,590 million in 2025, is projected to experience minimal growth over the forecast period (2025-2033), reflecting a CAGR of -1%. This stagnation, despite the continued demand from construction and infrastructure development globally, is primarily attributed to several factors. Increased production costs due to rising energy prices and raw material scarcity are impacting profitability, leading to cautious production expansions. Furthermore, growing environmental concerns and stricter regulations surrounding carbon emissions are forcing steel manufacturers to invest heavily in sustainable production methods, further affecting short-term growth. The competitive landscape is dominated by large integrated steel mills like China Baowu Group, ArcelorMittal, and Nippon Steel Corporation, who are strategically focusing on technological advancements and diversification into value-added products to mitigate the impact of slow growth. Regional variations are expected, with emerging economies potentially showing more dynamic growth than mature markets facing economic slowdown. The shift towards more sustainable steel production, including the adoption of electric arc furnaces and increased recycling, will likely influence the long-term outlook and redefine market dynamics. The relatively flat growth trajectory highlights the need for strategic adaptation within the industry. While infrastructure projects continue to fuel demand, the price sensitivity of steel and the increasing regulatory pressures necessitate a shift towards higher-value products and sustainable manufacturing processes. Key players are actively pursuing mergers and acquisitions, technological innovations (such as hydrogen-based steelmaking), and partnerships to improve efficiency and gain a competitive edge in a slowing market. The long-term success in the steel sector will hinge on the ability of companies to successfully navigate these challenges and embrace sustainable and technologically advanced solutions. Further analysis of regional data and specific segment performance would provide more granular insights into the market's future trajectory.

The carbon steel market is valued at USD 1,140.16 billion in 2025 and is expected to reach USD 1,687.72 billion by 2035, reflecting a compound annual growth rate (CAGR) of 4% over the forecast period.

Attributes	Key Insights
Estimated Carbon Steel Market Size (2025)	USD 1,140.16 billion
Projected Carbon Steel Market Value (2035)	USD 1,687.72 billion
Value-based CAGR (2025 to 2035)	4%

Semi-annual Market Update

articular	Value CAGR
H1 (2024 to 2034)	3.5%
H2 (2024 to 2034)	3.7%
H1 (2025 to 2035)	3.9%
H2 (2025 to 2035)	4.1%

Analyzing Carbon Steel Market by Top Investment Segments

Carbon Content Segment	Market Share (2025)
Low Carbon Content Steel	58.4%

Product Type Segment	Market Share (2025)
Flat Product Type	72.5%

End Use Segment	CAGR (2025 to 2035)
Automotive	3.8%

Country-wise Insights

Countries	Value CAGR (2025 to 2035)
United States	4.6%
South Korea	4.5%
Japan	3.9%
India	3.8%
China	3.4%

316 Stainless Steel Market Outlook

The global 316 stainless steel market size was valued at approximately $3.5 billion in 2023 and is projected to reach $5.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2032. The growth of this market is primarily driven by increasing demand from various end-user industries, technological advancements, and the exceptional properties of 316 stainless steel that make it suitable for a wide range of applications.

The rising demand in the construction industry is a significant growth factor for the 316 stainless steel market. This material is highly resistant to corrosion, which makes it ideal for construction applications, especially in coastal and industrial environments where high resistance to salt and various chemicals is crucial. The durability and longevity of 316 stainless steel result in lower maintenance costs, enhancing its appeal in the construction sector. Additionally, the ongoing urbanization and infrastructural developments worldwide are further propelling the demand for this high-grade stainless steel.

Another major growth driver is the increasing use of 316 stainless steel in the automotive and aerospace industries. In the automotive sector, the focus on lightweight materials that provide strength and corrosion resistance is crucial for enhancing fuel efficiency and vehicle performance. Similarly, the aerospace industry requires materials that can withstand extreme conditions while maintaining structural integrity. 316 stainless steel meets these requirements, leading to its growing adoption in these applications. The advancements in manufacturing technologies have also made it easier to produce complex components using this material, broadening its application scope.

The medical industry is also contributing significantly to the growth of the 316 stainless steel market. This material is commonly used in medical devices and surgical instruments due to its biocompatibility, resistance to sterilization processes, and ability to withstand harsh cleaning agents. The rising global healthcare expenditure and the growing number of surgical procedures are expected to drive the demand for 316 stainless steel in the medical sector. Furthermore, the increasing trend of medical tourism and the expansion of healthcare facilities in emerging economies are additional factors supporting market growth.

In the realm of interior design and commercial applications, Stainless Steel Shelves are gaining popularity due to their durability and aesthetic appeal. These shelves offer a sleek, modern look while providing robust support for a variety of uses. In kitchens, stainless steel shelves are favored for their resistance to heat and moisture, making them ideal for storing cookware and food items. In retail and industrial settings, they provide a sturdy solution for displaying products or organizing tools and materials. The versatility and low maintenance requirements of stainless steel shelves make them a preferred choice in both residential and commercial environments, aligning with the growing trend towards minimalistic and functional design.

Regionally, Asia Pacific is expected to dominate the 316 stainless steel market during the forecast period. The region's growth can be attributed to rapid industrialization, urbanization, and infrastructural developments in countries like China and India. North America and Europe are also significant markets due to the presence of established automotive, aerospace, and healthcare industries. In contrast, the Middle East and Africa, along with Latin America, are projected to witness moderate growth, driven by development projects and expanding industrial activities.

Product Type Analysis

The 316 stainless steel market is segmented by product type into sheets, plates, bars, tubes, and others. Each of these product types serves distinct applications and has its own set of advantages, driving demand in various industries. Sheets are widely used in the automotive and construction sectors due to their excellent formability, weldability, and corrosion resistance. The increasing demand for lightweight and durable materials in these industries is propelling the growth of the sheets segment.

The plates segment is another crucial product type, extensively used in heavy industries, marine applications, and in the construction of chemical processing equipment. Plates offer high strength, resistance

Get the latest insights on price movement and trend analysis of Steel Scrap in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

Iron Ore rose to 99.07 USD/T on July 30, 2025, up 0.09% from the previous day. Over the past month, Iron Ore's price has risen 6.06%, but it is still 6.48% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Iron Ore - values, historical data, forecasts and news - updated on July of 2025.

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.