The global steel shortage is set to continue well into 2021, experts claim, with Elland Steel announcing that steel prices have now risen by £260 per tonne since last July.
This has impacted many UK manufacturers whose core material is steel, with increased prices and lead times across many of their product ranges.
It is claimed that there are a number of factors that have contributed to this price hike, with increased costs of raw material, lower levels of scrap and the post-Brexit impact on imports being the main drivers in these unprecedented market conditions. It could also be argued that this has been exacerbated due to the impact that COVID-19 has had on manufacturing.
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