What Affects The Cost Of Steel?
The cost of steel is subject to various influential factors. Understanding these elements is crucial for accurate pricing and budgeting. At Northern State Steel, we meticulously consider the following factors:
Raw Material Costs
Market Demand And Supply
Production And Processing Costs
Global Economic Factors
Steel Production In Hindsight
In September 2023, steel production in the United States witnessed a decline, dropping to 6700 thousand tonnes compared to 7000 thousand tonnes in the month prior (August 2023).
Over the historical period from 1969 to 2023, the average steel production in the U.S. stood at 7811.20 thousand tonnes. The highest recorded production occurred in May 1973, reaching 11951.00 thousand tonnes, while the lowest point was observed in April 2009, with steel production hitting a record low of 3799.00 thousand tonnes.
New Pricing For 2024
As we approach 2024, the landscape of steel pricing is poised for change, driven by the intricate interplay of supply and demand dynamics.
The broader economic landscape, including factors like trade policies, geopolitical events, and currency exchange rates all contribute significantly to the steel pricing forecast. As we step into 2024, keeping a watchful eye on these global economic indicators becomes imperative for predicting how they might ripple through the steel market.
We’re Here To Help You
Understanding the intricate interplay of these factors allows us to offer our clients precise and competitive steel pricing tailored to their project’s needs. For a meticulous analysis that ensures transparency and accuracy in every aspect of your steel building endeavor, you can trust Northern State Steel. Contact us today for a quote!