From the destruction of Ukraine’s Azovstal to China’s market manipulation, the steel industry has been an economic battlefield. Here’s what soared, what tanked, and what’s coming next.

5 Tops: What Went Right in Steel Pricing

1. Post-Pandemic Boom (2021–2022)

After the COVID-19 slump, demand for steel skyrocketed as industries scrambled to recover. Construction projects, automotive production, and infrastructure plans sent prices to record highs.

2. Green Steel Initiatives

Despite the chaos, the push for sustainable steel gained traction. Companies like Sweden’s SSAB and Germany’s Thyssenkrupp invested in hydrogen-based production, creating cleaner alternatives to traditional blast furnaces.

3. U.S. Infrastructure Bill (2021)

Biden’s $1.2 trillion infrastructure package gave American steel producers a much-needed boost. Bridges, highways, and rail systems needed domestic steel, putting pressure on local production.

4. Limited Supply from Russia

After Russia’s invasion of Ukraine, Western sanctions hit Russian steel exports hard. This led to a tighter global market, keeping prices relatively strong through 2023.

5. Emerging Markets Step Up

India and Southeast Asia expanded their steel production to meet demand, balancing out supply chain disruptions caused by war and trade restrictions.

5 Flops: What Crashed the Steel Market

1. Azovstal’s Destruction (2022)

One of the world’s largest steel plants, Ukraine’s Azovstal, was obliterated during Russia’s invasion. This wiped out a major steel supply, sending shockwaves through the global market.

2. China’s Market Domination Tactics

China flooded the market with cheap, state-subsidized steel, crushing smaller producers worldwide. This predatory pricing led to price crashes and left other nations scrambling to impose tariffs.

3. Supply Chain Madness (2022–2023)

Shipping disruptions, container shortages, and raw material bottlenecks wreaked havoc on production. Prices spiked unpredictably, making stability impossible.

4. Trump’s Tariff Blunders (2018–2021 Effects Linger)

Trump’s America First tariffs backfired spectacularly. His steel duties didn’t revive American production but instead raised domestic prices and hurt industries relying on steel imports. Global retaliation further disrupted trade.

5. 2024 Price Crash?

As the economy slowed in 2024, steel prices dropped sharply. Overproduction, weak demand, and inflation fears created an overstocked market, pushing prices down.

3 Big "Why’s" Behind Steel’s Wild Price Swings

1. Why Did Steel Prices Skyrocket in 2021?

Post-pandemic recovery drove a demand surge, while supply chains struggled to keep up. Limited production and high demand created a perfect storm.

2. Why Did China Crash the Market?

Beijing’s strategy to dominate global steel included flooding the market with cheap exports, undercutting competitors, and controlling supply chains.

3. Why Didn’t Tariffs Save U.S. Steel?

Protectionist policies failed because they didn’t fix domestic production issues. Higher prices led to decreased demand, and international backlash made U.S. steel exports less competitive.

3 Alternative Developments: The Future of Steel Pricing

1. Green Steel Revolution?

If hydrogen-based steelmaking gains traction, we could see a fundamental shift in production costs and pricing stability. Governments are pushing for cleaner alternatives, which could reshape the market.

2. The India Factor

India’s rising production capabilities could offset China’s dominance. If India invests in quality and supply chain improvements, it could become a global steel leader.

3. AI-Driven Pricing and Automation

While AI talk is overhyped, smart supply chain management and automated pricing models could create a more stable and predictable steel market.

Final Thoughts

The global steel market has been a battleground of politics, war, and economic shifts. Prices have swung violently, but the next few years will determine whether sustainability, diversification, or geopolitical power plays will shape the industry. One thing’s certain: steel isn’t just a commodity—it’s a weapon in the fight for global economic control.

Peter Von Hauerland

Why I write about steel on my art website? Here you can explore my steel made art objects included in this website:

Galactic Fossils

Interactive Sculptures

Art Decor Objects made of sheet steel

Tiny Space Creatures