What Influences the Price of Steel?

Steel is a global commodity, and its price varies daily based on a variety of factors. From supply and demand to the strength of the American dollar, seasonality to global pandemics, these factors and more combine to determine the price of steel for manufacturers, buyers, and consumers.

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Domestic Factors

  • The strength of the United States dollar
  • Demand for steel used in any product
  • Trade tariffs

Global Factors

  • General condition of the world economy
  • Natural disasters
  • Wars and other political events

The Pricing Factors You Control vs External Influencers

The price of your steel building, in part, is determined by its size and customization options. Those are internal factors that you can control. But the price of steel, an external factor, also significantly affects the final cost of your steel building. That’s why we examine the most authoritative sources in the industry to produce our annual forecast. When you’re equipped with the most accurate information on steel pricing, you can determine the best time to lock in your steel building price

Steel Prices in Hindsight

2021 Steel Price History and Events

See how steel is finally making a comeback now that lockdowns are ending, vaccines are being distributed, and businesses are opening.

2021 Steel Prices in Hindsight

2022 Steel Price History and Events

While expectations were high for steel in 2022, see how those expectations ended up being a bit too optimistic.

2022 Steel Prices in Hindsight
steel price 2022

Why Steel Prices Are Measured in Yuan

Trading Economics presents the price of steel according to the Chinese currency called Yuan. This is primarily due to the fact that China is the world’s largest producer and typically the biggest consumer of steel. To convert the steel price from the graph, simply use this currency converter to see the exchange rate between Chinese Yuan and American Dollar.

Steel Supply and Demand 101

Today's Current Steel Price

According to tradingeconomics.com steel prices bottomed out in April 2020 before recovering in November and December 2020. Prices are expected to continue to increase due to a lack of supply and increasing demand as the United States and China’s economies rebound from the pandemic.

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