Red hot steel prices expected to cool by year end
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Update time : 2022-10-10 21:16:45
Steel-price watchers are predicting that the red-hot price increases that shot world per ton prices to the SUS 1,000 mark in fall of 2021 will ease going into late 2022 but the decline will be slight and there are only estimates of the trickle down impact on the Western Canadian construction market.
Steel-price watchers are predicting that the red-hot price increases that shot world per ton prices to the US 1,000 mark in fall of 2021 will ease going into late 2022 but the decline will be slight and there are only estimates of the trickle down impact on the Western Canadian construction market. World steel prices impact a range of construction products from rebar to girders and beams "Last November, we saw a 30-38 per cent increase in rebar," said Anoop Khosla, president of Midvalley Rebar. Khosla said the before prices are lowered substantially, the world market needs to a see a slow- down in demand as well as new suppliers internationally emerging. Both could combine to create a world surplus and trigger falling prices. Fitch Solutions, a data analysis and research firm, estimates that world prices will decline to $US 750 per ton in late 2022 and move towards a more normal range of $US 500 going forward into 2023-2025 Khosla sees a more modest decline. "Some see a complete reversal. I don't think we would go back but there will be at least a 10-16 per cent decrease by the end of the year," he predicts.
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