Global Steel Prices Stabilize in the Second Half of 2022 and Beyond
Metal Stamping Industry News with Rotation Engineering & Manufacturing
The global price of raw steel has finally begun to stabilize throughout 2022 – welcome news to American metal stamping shops and their customers throughout the nation.
With material prices leveling out and supply chains becoming more robust, manufacturers like Rotation Engineering are able to more reliably meet challenging production schedules at increasingly competitive prices..
Did Raw Steel Prices Peak in Q2 of 2021?
In May 2021, we reported on the global price of steel remaining at record highs due to the COVID-19 pandemic and ongoing supply chain disruptions. Luckily, it appears that may have been the peak price of raw steel materials. It all boils down to production catching up to demand – which will remain high for both the U.S. and Europe, largely due to increased infrastructure spending and automotive manufacturing.
Will Global Steel Prices Decrease Through 2022 and 2023?
The Chinese manufacturing industry’s demand for steel is expected to slow down over the coming years. That means overall global demand should level out and possibly cool off. Pricing stability will also further be encouraged by an uptick in governmental protectionism of the steel industry worldwide. More robust protectionism is expected to come as a response to the economic damage over the last few years resulting from material shortages and supply chain disruptions.
For American manufacturers, these developments should translate into our ability to offer more reliable metal stamping services that consistently meet your production volume requirements.