Understanding the Price of Steel per kg
Steel, a fundamental material in construction and manufacturing, plays a crucial role in various industries worldwide. The price of steel per kg fluctuates based on several factors, making it a key economic indicator. Factors Influencing Steel Prices: Raw Material Costs : Steel is primarily made from iron ore, which is processed into steel through refining and alloying. Fluctuations in iron ore prices directly impact steel production costs. Global Demand and Supply : Like any commodity, steel prices are influenced by supply and demand dynamics. Economic growth, infrastructure projects, and manufacturing activity affect global steel consumption. Currency Exchange Rates : Since steel is traded globally, currency fluctuations can impact its price. A weaker currency in a steel-producing nation can make exports cheaper, affecting global prices. Trade Policies and Tariffs : Government policies, such as tariffs and trade agreements, can significantly influence steel prices by affecting suppl