Steel price decline
As at October 2015 steel prices are at their lowest price since the end of 2009 and prices continue to weaken putting significant pressure on steel mills to stay afloat during these testing times. Job losses at Tata Steel totaling 1200 highlight the severity of the current climate at it's plants in Scunthorpe and Lanarkshire. Other steel mills are effectively giving up any attempts to predict steel prices in the immediate future, nevermind in 3-6 months time.
Stock levels are comparatively low for the period as stockists are reluctant to be left with high-priced stock and the uncertainty continues with Thailand's SSI closing down in Redcar and India's Tata shedding jobs at an alarming rate. The industry in the UK appears to have fallen into a decline with high electricity prices being pinned down as a significant contributing factor for energy-intensive sectors and the cost of climate policies.
Cheap Chinese imports are also being blamed for the collapse in UK steel prices, another solid reason to buy British as the knock on effect will simply drown out our manufacturing industry.
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