How the War is Affecting Steel Prices

With the war in Ukraine affecting everyone’s lives in the UK and across the world in an emotional sense we are also all experiencing the inflation backlash of the conflict.

With oil prices at an all time high, rises are se to continue to increase due to the commodity and raw material prices, including coking coal. This in turn is already impacting the input cost of steel production and with both Russia and Ukraine being net exporters of steel there will soon be an impact cost of reduced availability amid steadily increasing demand.

UK steel stockholders have already been steadily increasing prices due to the cost of energy and oil and they are warning fabricators of an exponential increase that may see the price of steel double in the coming months.