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Steel Pricing Report Q2 2022: Russia, Ukraine, Pig Iron, Supply Chain

Steel market researcher Chris Billman of Majestic Steel gives an update on the price of finished steel, the cost of raw materials, and explains what the Russian invasion of Ukraine will mean for the global supply chain and economy.


As the price of steel began to soften through the beginning of Q1 2022, the Russian invasion of Ukraine caused a sharp increase in the price of many raw materials, including pig iron and scrap. Coupled with high construction demand, increasing inflation, rising interest rates, and an already struggling supply chain, finished steel prices have reverted to a steep climb. On today’s Q&A Mondays episode, Thad Barnette is joined by Adam Mazzella from architectural metal sheet and coil supplier Sheffield Metals and steel market researcher, Chris Billman, of Majestic Steel.

Watch this video to learn about the geopolitical and economic factors that are driving extreme market volatility, the level of construction demand consumers and businesses can potentially expect as we enter the 2022 building season, and the short-term and long-term impact the global supply chain issues will have on the construction and manufacturing industries.

Topics covered:

  • Why is scrap/pig iron important for driving cost of other materials? – 4:15
  • What does increased steel prices mean for steel customers? – 6:09
  • Are we still seeing increased demand for steel? – 8:23
  • How does Russia’s invasion of Ukraine impact the steel market? – 9:36
  • Is it possible to regain the lost supply from Russia and Ukraine? – 10:31
  • Will we be seeing more domestic mills come online? – 11:36
  • How do new domestic mills tie in with Section 232 and other import tariffs? – 12:22
  • What can we expect from the market going into Q2? – 13:34
  • What will happen with aluminum going into Q2 2022? – 16:59
  • What does Majestic Steel tell customers to do with this information? – 18:37
  • What should Sheffield customers do with this information? – 19:20

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