26 Nov Steel Price Summary 2019
As the year is nearing to an end we will take a look back at the steel price summary for 2019.
Steel is an alloy of iron and other elements, mainly carbon and is one of the worlds most important materials in construction. The main uses are for buildings, cars, infrastructure, machinery, tools, trains and weapons. The price of Steel can vary on a daily basis and is influenced by several factors. These include the strength of the sterling pound, consumer demand and trade tariffs.
Steel forging prices at the beginning of 2019 were down compared to Jan 2018 but as the months progressed into the middle of the year there was a gradual rise to be seen. The decrease in sales is due to no domestic demand of the steel production and as mid-October approached there was a significant drop to an all-time low. This is expected to rise again before the year comes to an end and the demand for steel is expected to grow in 2020.
Steel prices to the tonne have fluctuated throughout the year but in recent months this has stabilised at around £130 per tonne.
As we approach future challenges steel will be essential to modern life. Steel is and will continue to form an essential ingredient in many development projects. From lightweight cars, sustainable rail transport to producing substantial energy for the growing population is an absolute necessity. Wind power plays a vital role in achieving this with the power of wind turbines. Land wind turbines use 140 tonnes of steel whereas offshore turbines use over 1000 tonnes of steel.