The steel industry lost some momentum after enjoying a solid run earlier this year as steel prices witnessed a sharp downward correction from their April 2023 peak. However, the industry benefited from a demand recovery in automotive and a resilient non-residential construction market. Also, a strong year-end steel price recovery has put the wind back in the sails of the industry.
Steel prices witnessed a significant correction globally in 2022 as the Russia-Ukraine conflict, skyrocketing energy costs in Europe, persistently high inflation, interest rate hikes, and the slowdown in China due to new COVID-19 lockdowns dampened demand for steel across key end-use markets. Notably, U.S. steel prices tumbled after surging to roughly $1,500 per short ton in April 2022 due to supply concerns stemming from the Russia-Ukraine war.
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