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 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.

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 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.

Get the latest insights on price movement and trend analysis of Stainless Steel (304) in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Steel Market size was valued at USD 1245.33 Billion in 2024 and is projected to reach USD 2085.37 Billion by 2031, growing at a CAGR of 2.25% from 2024 to 2031.

Global Steel Market Drivers

“Global Economic Growth: As steel is a necessary component of many industries, including manufacturing, infrastructure, and construction, economic growth usually results in higher demand for the metal. Steel has historically been in high demand due to the robust economic expansion in emerging economies, especially in nations like China and India.

Infrastructure Development: A significant amount of steel is needed for infrastructure projects like utilities, roads, bridges, railroads, and airports. The construction of infrastructure through government programmes can greatly increase the demand for steel.

Urbanisation and Industrialization: The need for steel is driven by the fast-paced urbanisation and industrialization occurring in developing nations. Steel is used in the construction and manufacturing of machinery, equipment, and residential and commercial buildings.

Automotive Industry: Especially for car bodywork, chassis, and other components, the automotive industry is a significant consumer of steel. The demand for steel may rise in response to increases in auto sales and manufacturing.

Construction Sector: A sizeable amount of steel consumption is accounted for by construction activities, which include residential, commercial, and industrial construction. Government infrastructure expenditure, urbanisation trends, and population expansion all have an impact on demand in the building industry.

Energy Sector: Pipelines, offshore platforms, and power generation facilities are just a few examples of the infrastructure in which steel is crucial. Steel consumption may be influenced by an increase in power infrastructure, oil and gas exploration, and renewable energy initiatives.

In the second quarter of financial year 2025, the cost of a 16 mm steel bar in the Indian cities of Chennai and Hyderabad reached 66 Indian rupees per kilogram. However, in Delhi, the steel was slightly more affordable. Compared to the previous year, there was a noticeable increase in steel prices across all cities. The significant uptick in the cost of steel in India towards the end of 2020, was believed to be a result of China’s increased demand for Indian iron ore. Crude steel India’s crude steel production has been growing steadily, with the basic oxygen furnace (BOF) being the preferred production method. While both private and public sector companies contribute to this production, the private sector, dominates the market. JSW Steel, in particular, has the highest production capacity in India, contributing significantly to the country’s position as the world’s second-largest producer of steel. Steel consumption in India Steel consumption in India has been on a steady rise, with the country’s rapid industrialization and development in sectors such as construction, automobile, and infrastructure. This upward trend in steel consumption is estimated to persist, with an annual growth rate of nine percent in fiscal year 2024.

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.

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 Stainless Steel Market estimated size and share is projected to exceed USD 253.22 billion by 2032, with a forecasted CAGR of 8.5% during the period

In Q4 2024, the Steel Plate market in North America experienced a steady but challenging environment, marked by fluctuating prices and cautious buyer sentiment. Prices for Steel Plates in the U.S. spot market ranged from stable to slightly declining, with a noticeable 0.8% decrease in early December reflecting an ongoing trend since mid-2022. The Manufacturing Index indicated marginal improvements, suggesting a potential easing of contraction in the manufacturing sector, though key metrics like raw steel production remained below previous year's averages.

Flat Steel Market was valued at 465.06 USD Billion in 2024 and is projected to reach 676.71 USD Billion by 2031 growing at a CAGR of 4.80% from 2024 to 2031.

Key Market Drivers:
Rising Infrastructure and Urbanization: Rapid urbanization and growing populations are driving up demand for flat steel goods. This is owing to the widespread usage of flat steel in construction projects such as buildings, bridges, and infrastructure development. As cities grow and people grow, the desire for new housing, commercial spaces, and transit networks drives up demand for flat steel in beams, roofs, and other structural components.
Industrialization and Manufacturing Boom: The rise of industries around the world, particularly in developing nations, is a major driver of the flat steel industry. Flat steel is used extensively in the automotive, mechanical equipment, and shipbuilding industries to make automobile bodywork, machine parts, and ship hulls. As industrial activity rises, so does demand for steel products, influencing overall market size.
Expanding Middle Class and Consumer Spending: The growing middle class in developing countries is a significant driver of the Flat Steel Market. As disposable incomes rise, so does consumer expenditure on automobiles, appliances, and other manufactured items. This, in turn, increases demand for the flat steel utilized in these goods. For example, the automobile industry uses flat steel for car bodies, resulting in a larger market and more consumers.
Technological Advancements and New Applications: Another important driving force is the continuous development of new and improved flat steel products. Advances in metallurgy are enabling the development of lightweight, high-strength steels. These advancements open up opportunities for flat steel in industries such as automotive and shipbuilding, where weight reduction is critical. Additionally, research on corrosion-resistant and environmentally friendly steel variants could broaden the market’s reach in a variety of applications.

India Steel Market Report is Segmented by Form (basic Form (crude Steel), And Final Form (finished Steel)), Technology (Blast Furnace-Basic Oxygen Furnace (BF-BOF), Electric Arc Furnace, And Other Technologies), And End-User Industry (automotive and Transportation, Building and Construction, Tools and Machinery, Energy, Consumer Goods, And Other End-User Industry (oil and Gas Extraction Equipment, Furniture, Pipes, Barrels, Drums, Packaging, Semiconductors)). The Report Offers the Market Sizes and Forecasts Based On Volume in Million Tons.

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.

Explore the recent trends in China's steel prices, influenced by domestic policies, global demand, supply chain disruptions, and geopolitical events. Understand how environmental regulations and macroeconomic factors shape the market's volatility and stabilization through 2023.

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.

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.

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.

In 2024, the producer price index (PPI) for iron and steel in Japan stood at 153 index points on average, decreasing from 154.58 points in the previous year. The lowest producer price of iron and steel within the preceding decade was in 2016, with a PPI of 85.63 points. What determines the price of steel products? Steelmaking requires several raw materials and plenty of energy. Japan has hardly any significant resources to satisfy either demand domestically. Therefore, the country imports iron ore and coking coal, the crucial raw materials needed to produce steel by using blast furnaces. Accordingly, the price depends on the overall energy price and a steady raw material supply – primarily from Australia. For recycling, steel scrap can be added to a certain degree within the conventional process or re-melted in electric arc furnaces. The latter process entails high electricity consumption, making recycled steel of this kind expensive. Carbon-neutral steel: a matter of price Ample carbon emissions are caused by removing excess carbon left from the carbon-based reduction of the iron oxides. Consequently, one strategy is to adjust steel plants to carbon-neutral reducing agents, such as green or blue hydrogen. Carbon capture, usage, and storage (CCUS), still in development, could offset further emissions on top.The trade-off for implementing these measures and using sustainable energy had called for a gradual transition. Ironically, the latest price increases in fossil fuels could spur ecological investments even more than the contested CO2-emission-based premium included in the petroleum and coal tax.

The Report Covers Finished Steel Products Market Overview and Growth Analysis and is segmented by Form (Plate, Strip, Rod, Profile, Tube, Wire, and Other Forms), Process (Hot-Rolling, Cold-Rolling, Forging, and Other Processes), End-user Industry (Transportation, Construction, Energy, Containers and Packaging, Electrical and Electronics, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The market size and forecasts for the Finished Steel Products Market are provided based on value (USD million) for all the above segments.