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British steel prices are up 50% since Russia invaded Ukraine

British steel prices have risen 50% since the Russian invasion of Ukraine as demand has surged and producers have absorbed higher energy prices

British steel prices have risen 50 percent since Russia invaded Ukraine as demand has increased and producers have absorbed higher energy prices.

The war has also led buyers to look for alternatives to sourcing from Russian steel mills.

A tonne of rebar used in construction was worth £841 in February but was valued at £1,298 this month, according to Kallanish Commodities.

Feeling the heat: A tonne of rebar used in construction was worth £841 in February but is valued at £1,298 this month

The British steel industry has been struggling for more than a decade as cheaper Chinese steel has flooded the world market.

The taxpayer was forced to keep British Steel afloat for months when it collapsed in 2019 before winning over a Chinese buyer.

Experts expect prices to fall in the coming months, possibly to pre-war levels by the end of the year.

Matthew Watkins, Steel Analyst at CRU Group, said: “This was a spike, not a plateau. We are moving into a phase where prices are being dictated more by logic and less by emotion and panic.’

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British steel prices are up 50% since Russia invaded Ukraine

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