Stainless Steel: Prices, Forecast & Alternatives in 2022

As you can expect, the stainless steel price you pay depends on a number of factors including the type of item you’re buying, and the quantities required…

Product type

Stainless steel can be bought as bars, box sections, edging, tubes, sheets and mesh. Given that a round bar will use a lot more stainless steel than a hollow tube, for example, you can expect it to cost more for the same length.

Finish

Then there’s the finish. As an example, the typical stainless steel sheet price will vary depending on whether it has a brushed finish, smooth finish or even circle polished finish. Smooth and circle polished are particularly sought-after for projects where aesthetics are important, but they do cost more than their brushed counterpart, which has a dull polish with a rough surface.

Quantity

What about quantity? It goes without saying that a 6m length will cost more than a 3m length. However, you may also find that buying in bulk unlocks better discounts. At The Metal Store, for instance, we provide discounts of up to 10% on all orders over £1,000, which can significantly reduce the cost of stainless steel for large projects.

Quality

Another factor is the quality and grade of the product you’re buying. Grade 304 stainless steel is one of the most commonly used, thanks to its excellent corrosion resistance. Grade 316 is even better in that respect as it contains molybdenum for chloride resistance too, though it does increase the overall stainless steel price.

On the flipside, you have cheaper grades, like 409, with lower chromium content. While they do cut the cost, they also come with much lower corrosion resistance, which can impair function and restrict the number of suitable applications.

In addition to the factors above, which affect the steel price from business to business or business to customer, there can be fluctuations in the global market which affect the cost of steel.

This can be down to anything which affects supply and demand, but also other factors such as the rising cost of energy. Unfortunately, there are several factors causing the cost of steel to increase in 2022, and may well cause it to increase further…

Energy prices

Steel is made by fusing iron and carbon at temperatures exceeding 1400°C. This, along with the other steps involved, uses a huge amount of energy.

The fact that energy prices have risen globally will no doubt contribute to the changing stainless steel price in the coming months and years. While many countries have capped energy price rises to protect customers (4% in France, for example), energy companies in the UK have been allowed to increase their prices to much higher levels.

Transport costs

Alongside energy, the price of fuel has risen significantly over the past year. That alone would cause prices to rise. But it’s also been paired with a shortage of drivers, allowing the available drivers to demand increased wages.

The result is a perfect storm for steel haulage. Considering both fuel prices and driver wages, it now costs more than ever to get steel where it needs to be, something clearly evidenced with British Steel’s move to increase prices in an attempt to cover these rising costs.

Covid-19

While most aspects of life are back to normal, or close enough, there are still lingering disruptions from the Covid-19 pandemic. Parts of China and the Far East are still being put into lockdown as a precaution to stop new waves and variants of the virus breaking out. That naturally affects supply, given that China is the world’s largest producer of steel.

Russian conflict

Another issue that’s come into play for the steel price forecast in 2022 is the ongoing Russia-Ukraine conflict. Like China, Russia is a world leader for steel production – meaning supply has been hit even more over the past year.

Whether you’re looking to save money or just want something different for the same cost as stainless steel, here are some of the alternatives available:

Aluminium

First is aluminium, which is a lightweight stainless steel alternative. It’s more malleable and is rust-resistant, although it is less corrosion-resistant than stainless steel.

Powder coating

Another option is powder coating. Powder-coated metals have better resistance to chemicals and moisture, without the chance of chipping and scratching that you get with paint. That’s down to the electrostatic application and curing process.

They’re also available in a range of RAL colours, providing plenty of choice if you want to move away from the classic metal look.

Galvanised steel

Alternatively, metals can be hot-dip galvanised in a zinc coating. This increases their resistance to corrosion, making it great for outdoor use – albeit without the polished appearance of stainless steel.