Steel is at its highest price since November 2021. This should make steel producers happy, but that is not the case. The small, medium, and secondary steel producers have little to nothing, and now the big steel producers are also in this position. When covid hit and plants had to shut down. They were holding steady after they reopened after covid. The last time prices hit this level. The profit attained was huge. Now the cost of raw materials was an issue before Russia invaded Ukraine. Since the invasion. It is out of control. This is truly weighing on companies. The rumor is production may have to cut back on the amount it produces. Since the invasion of Russia on Ukraine. International buyers have been pulling back buying steel. In the U.S’ the price of steel is going up. This invasion has threatened to cut off imports from major suppliers. The supply issues come at a time when North America is going into spring construction. They need steel for fixing or building new bridges. It is safe to assume that steel prices with continue to rise.
Steel is not something people cannot worry about. We are all affected by Russia invading Ukraine. No matter where you live. You will feel the effects. Watch as this invasion causes more changes. With steel, and shipment. Other issues are sure to arise as well. Causing a multitude of issues. This is a time when we have many questions. Questions we can’t receive the answers too. The one option is we pray.