Steel prices are at record highs since 2008.
The reference hot rolled steel price has hit a new all-time high of $ 1,080 per tonne. This surpasses the previous high of $ 1,070 / ton, recorded by Steel Market Update (SMU) in 2008. Over the past five months, the average price for hot rolled coil has jumped two and a half times – from $ 440 per tonne to almost $ 1,100 per tonne.
The previous peak for hot rolled steel was $ 1,070 / t in July 2008, which is equivalent to $ 1,286 in 2021. When the economic bubble burst with the onset of the Great Recession, steel prices plummeted along with the rest of the economy, bottoming 11 months later at $ 380 a tonne.
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