Construction costs update: falling steel prices                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

Over the last couple of years, the rising costs of construction materials has been carefully monitored by the industry as a whole and, earlier this year, we predicted that - despite recent fluctuations and steep rises - these costs would begin to stabilise and eventually fall through the year.

And, just last week, Construction Enquirer announced that steel prices are now beginning to fall; this, after suffering the fastest inflation of all construction materials from 2021.

Indeed, having peaked last Spring at around £1450 per tonne, steel prices now stand at £1000 per tonne - a decrease of approximately 31%.

This is believed to be largely due to lower global steel demands and deestocking, amid global economic concerns.