Approaching the end of another year!

The steel industry has been an important part of the economy for decades. It is a material that is used in many industries ranging from construction to automobiles, so any changes in production can have wide reaching effects. This year has been particularly significant for the steel industry, with multiple noteworthy events taking place. This year has seen several changes in steel supply and demand, affecting sales on a variety of levels. These events have created uncertainty throughout the market and has left changes in buyer patterns difficult for suppliers to predict.

The steel industry is still being impacted by the effects of the Covid-19 pandemic. As a result of the national lockdown, steel mills underestimated the market recovery after the pandemic, resulting in major shortages in the worldwide steel supply chain. This resulted in massive spikes in prices following the pandemic and left to a shortage of steel between buyers.

The war in Ukraine also plays a huge part in the steel industry. Ukraine was a major supplier of ferrous metals and iron ore to the world. It is estimated that before the war, Ukrainian business exported 80% of ferrous metals and 70% of iron ore. Ukrainian steelmakers have had to use alternative methods of exporting steel; however, these options are not sufficient to keep up with demand. Despite the effects of the war at the start of the year, prices were seen to have stabilised in July, giving customers more confidence in the steel market.

This year has seen great progression in the efficiency of the development of steel. The steel industry has historically been one of the most polluting manufacturing industries in the world. However rapid advances in technology has resulted in the greener production of steel, and we will soon see near zero emission steel and will be the only type of steel available in the market. Steel can reduce the environmental impacts of energy production, transportation, and construction. It will be a crucial component in the future of wind turbines, electric cars and other technologies that promise to create a greener world.

The rise in energy prices has also taken its toll on the steel industry, and steelmakers and buyers are looking to the authorities to address problems with energy supply and costs. The rising energy prices have resulted in both rising costs for steelmakers and buyers. Steel producers are passing on the price increases to their customers, resulting in a rise in costs for those who purchase steel.

Despite the difficulties this year has thrown us, we continue to work hard and deliver an exceptional service for our customers, here's to the last couple of months in 2022 and we look forward to seeing where the next few months take us!