Rows of different forms of steel in El Paso.

Metal Industry Forecast For 2024

Metal supply in El Paso and prices have been more volatile in the last several years than at any time in recent history. Steel volatility started with the Covid pandemic, and has continued ever since, due in part to political unrest, economic instability, and global happenings. As such, businesses in the metal supply industry and those who rely on sheet metal and steel are concerned about what might be in store in 2024. 

If you work in the El Paso steel industry or are involved in construction and need to know what’s going to happen in the metal industry this year, you’ve come to the right place. If you require the use of steel and other metals for your El Paso business, Chaparral Steel can help. Contact us online or call (575) 824-7796 to learn about our steel supply and competitive pricing.

Why Have Steel and Metal Prices Been So High Lately? 

As we said before, steel and metal prices have been high and erratic ever since the pandemic. While they’re down significantly from the all-time high in 2021, they’re still nearly double what they were pre-pandemic. Additionally, they have been steadily rising for the last several months and aren’t showing signs of stopping. 

In the same way that the pandemic and the war in Ukraine were the sparks for previous spikes in hot-rolled coil and metal prices, recent events are likely to do the same thing. The war in Israel and unrest in the Middle East are certainly contributing to the current price spike, as are shipping problems in the Red Sea as part of the war. 

Additionally, hostilities between China and Taiwan are also sure to lead to further price instability due to how they affect supply and demand. 

What’s in Store For 2024 

This year will be a mixed bag when it comes to metal supply in El Paso. According to the World Steel Association, the demand for steel is expected to grow by nearly 2% in 2024, as of their short-range report released in October. 

Simultaneously, interest rates and inflation continue to rise in the United States while manufacturing is decreasing. Additionally, due to the international scene right now, we could see decreased amounts of imported steel. Therefore, with the demand rising but the metal supply decreasing and the US dollar becoming less valuable, it could make for an increase in metal prices. Contact us to learn more about our El Paso metal supply and current prices! 

What Does That Mean For the Sheet Metal Supply 

Because sheet metal and steel are intertwined, when one type of metal increases, so does the other. Therefore, thanks to global events, the current economy, and an expected increase in steel demand, sheet metal prices are expected to rise. However, it all depends on whether or not the US will resume importing steel from China, which is the largest steel producer in the world. If we don’t, we will need to amp up steel production within the country. 

Metal Supply Company in El Paso 

If you want to save as much money as possible and not fall victim to rising metal prices, Chapparal Steel is your trusted partner. We’re a top metal supply company in the Southwest and have competitive prices on aluminum, steel, copper, stainless, and sheet metal. Call (575) 824-7796 today.