In 2023, the price of fabricated structural steel in the United Kingdom has fallen by over 20 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 52.6 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 seven 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, nine of the 15 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 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 14 percent that year. The price of a couple steel products fell by over 10 percent that year. In late 2024, copper-based products were among the building materials with the highest price increases in the U.S.

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.

United Kingdom ExPI: Non EU: Basic Metals (BM): Basic Iron & Steel & Of Ferro Alloy data was reported at 0.000 2005=100 in Oct 2012. This records a decrease from the previous number of 152.200 2005=100 for Sep 2012. United Kingdom ExPI: Non EU: Basic Metals (BM): Basic Iron & Steel & Of Ferro Alloy data is updated monthly, averaging 66.850 2005=100 from Jan 1996 (Median) to Oct 2012, with 202 observations. The data reached an all-time high of 167.500 2005=100 in Sep 2011 and a record low of 0.000 2005=100 in Oct 2012. United Kingdom ExPI: Non EU: Basic Metals (BM): Basic Iron & Steel & Of Ferro Alloy 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.I046: Foreign Trade Price Index: SIC 2007: 2005=100: Export Price Index: Non EU.

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.

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.

United Kingdom ExPI: EU: Fabricated Metals (FM): Metal Structures data was reported at 155.400 2015=100 in Jan 2025. This records an increase from the previous number of 154.400 2015=100 for Dec 2024. United Kingdom ExPI: EU: Fabricated Metals (FM): Metal Structures data is updated monthly, averaging 143.000 2015=100 from Mar 2020 (Median) to Jan 2025, with 59 observations. The data reached an all-time high of 161.800 2015=100 in Apr 2024 and a record low of 123.100 2015=100 in Mar 2021. United Kingdom ExPI: EU: Fabricated Metals (FM): Metal Structures 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.I043: Export Price Index: 2015=100.

United Kingdom ImPI: Non EU: BM: Basic iron & Steel & Of Ferro-alloys data was reported at 119.100 2010=100 in Oct 2018. This records a decrease from the previous number of 119.200 2010=100 for Sep 2018. United Kingdom ImPI: Non EU: BM: Basic iron & Steel & Of Ferro-alloys data is updated monthly, averaging 68.850 2010=100 from Jan 1996 (Median) to Oct 2018, with 274 observations. The data reached an all-time high of 122.800 2010=100 in Jun 2018 and a record low of 26.400 2010=100 in Jan 1999. United Kingdom ImPI: Non EU: 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.I044: Foreign Trade Price Index: SIC 2007: 2010=100: Import Price Index: Non EU.

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).

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.

Building materials made of copper had some of the highest price growth rates in the U.S. in December 2024 in comparison to the previous year. The growth rate of the cost of many construction materials was much lower than in 2023. It is important to note, though, that the figures provided are Producer Price Indices, which cover production within the United States, but do not include imports or tariffs. This might matter for lumber, as Canada's wood production is normally large enough that the U.S. can import it from its neighboring country. Construction material prices in the United Kingdom Similarly to the inflation trends in the U.S. at that time, the price growth rate of construction materials in the UK were generally lower 2023 than in 2022. Nevertheless, the cost of some construction materials in the UK still soared that year, with several of those items reaching price growth rates of over 10 or even of over 14 percent. Considering that those materials make up a very big share of the costs incurred for a construction project, those developments may also have affected the average construction output price in the UK. Construction material shortages during the COVID-19 pandemic During the first years of the COVID-19 pandemic, there often were supply problems and material shortages, which created instability in the construction market. According to a survey among construction contractors, the construction materials most affected by shortages in the U.S. during most of 2021 were steel and lumber. This was also a problem on the other side of the Atlantic: The share of building construction companies experiencing shortages in Germany soared between March and June 2021, staying at high levels for over a year. Meanwhile, the shortage of material or equipment was one of the main factors limiting the building activity in France in June 2022.

Learn about the projected growth of the hot-rolled steel market in the UK, as rising demand is expected to drive an upward consumption trend over the next decade. By 2035, the market volume is forecasted to reach 7M tons, with a market value of $7.8B.

United Kingdom Import Price Index: BoP: MM: Iron & Steel data was reported at 107.000 2013=100 in Jul 2017. This records an increase from the previous number of 104.000 2013=100 for Jun 2017. United Kingdom Import Price Index: BoP: MM: Iron & Steel data is updated monthly, averaging 77.000 2013=100 from Jan 1998 (Median) to Jul 2017, with 235 observations. The data reached an all-time high of 116.000 2013=100 in Jul 2011 and a record low of 38.000 2013=100 in Feb 1999. United Kingdom Import Price Index: BoP: MM: Iron & Steel data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s UK – Table UK.I034: Foreign Trade Price Index: 2013=100: By Commodity. Rebased from 2013=100 to 2015=100 Replacement series ID: 391900717

LME Index increased 315.70 points or 8.08% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. LME Index - values, historical data, forecasts and news - updated on March of 2025.

The UK steel market is expected to see an upward consumption trend over the next decade, driven by rising demand for raw steel and steel semi-finished products. By 2035, the market volume is projected to reach 6.3M tons, with a value of $12.8B in nominal prices.

United Kingdom ImPI:Non EU:BM:Tubes,Pipes,HollowProfiles&Related Fittings,Of Steel data was reported at 175.300 2010=100 in Oct 2018. This records an increase from the previous number of 169.100 2010=100 for Sep 2018. United Kingdom ImPI:Non EU:BM:Tubes,Pipes,HollowProfiles&Related Fittings,Of Steel data is updated monthly, averaging 69.600 2010=100 from Jan 1996 (Median) to Oct 2018, with 274 observations. The data reached an all-time high of 175.300 2010=100 in Oct 2018 and a record low of 37.000 2010=100 in Dec 1999. United Kingdom ImPI:Non EU:BM:Tubes,Pipes,HollowProfiles&Related Fittings,Of Steel 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.I044: Foreign Trade Price Index: SIC 2007: 2010=100: Import Price Index: Non EU.

This statistic illustrates the monthly product cost index of tubes, pipes, hollow fittings and related fittings of steel manufactured in the United Kingdom (UK) from July 2016 to July 2018. In the months recorded here, the product price index reached a peak in July 2018 at 116.1 points.

United Kingdom ImPI: EU: BM: Basic Iron & Steel & of Ferro-Alloys data was reported at 162.700 2005=100 in Jan 2012. This records a decrease from the previous number of 165.000 2005=100 for Dec 2011. United Kingdom ImPI: EU: BM: Basic Iron & Steel & of Ferro-Alloys data is updated monthly, averaging 72.200 2005=100 from Jan 1996 (Median) to Jan 2012, with 193 observations. The data reached an all-time high of 173.800 2005=100 in Jul 2011 and a record low of 49.300 2005=100 in Feb 1999. United Kingdom ImPI: EU: 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.I047: Foreign Trade Price Index: SIC 2007: 2005=100: Import Price Index: EU.

Iron Ore decreased 1.36 USD/MT or 1.31% since the beginning of 2025, 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 March of 2025.

United Kingdom Imports from China of Iron and steel was US$288 Million during 2024, according to the United Nations COMTRADE database on international trade. United Kingdom Imports from China of Iron and steel - data, historical chart and statistics - was last updated on March of 2025.