Metal Price Prediction for 2023
With the new year upon us and the economy more unpredictable than ever, metal suppliers and stainless steel fabrication companies are curious about the predicted price of metal. Understanding metal pricing trends is extremely important whether you’re a buyer, supplier, seller, or work in stainless steel fabrication. While we can’t perfectly predict the future, we will give you a good idea of what metal prices will do in 2023. This information will help you and your company prepare for the year ahead and budget accordingly.
Are Metal Prices Going Up or Down in 2023?
In general, metal prices are expected to go down in 2023. While it won’t be true for all metals across the board, most metal prices are expected to decrease. Unfortunately, metal prices have been dropping for several years now, and the anticipated decrease in 2023 will only make things worse. Let’s look at how a metal price reduction will affect all parties involved.
- Metal suppliers
Low metal prices hit metal suppliers. Suppliers and stainless steel fabricators purchase metals at a low price, then sell them for minimal profit. The overall low price of metal and steel decreases profit margin.
That’s why we’ve made stainless steel and aluminum fabrication a huge part of our work. We’re the team for the job, no matter what type of steel you require or how you need it fabricated. Contact us to learn more or make an appointment.
- Buying organizations or departments
If you’re in charge of purchasing metal for one or more companies, low metal prices are good news for you. The only downside of low metal prices for purchasing departments is that companies might charge more for specialty products and fabrication. However, even so, low metal prices are great for purchasers.
- Third-party purchasers
Third-party purchasers, such as HVAC or construction companies, will also benefit from low metal prices.
- Metal Manufacturers
Along with suppliers, metal manufacturers will feel the hardest hurt from increasing low prices in 2023. Metal manufacturers rely on selling their products for a decent profit to make money. If they cannot do so, they can’t fall back on fabrication to make additional gains.
Price Prediction for Different Metals
The good news about reduced metal prices for manufacturers and suppliers is that not all metals are expected to decrease. Here’s a quick breakdown of the expected price trend for different metals heading into 2023.
- Copper – Down
- Aluminum Ingot – Down 30%
- Carbon Steel CRC – Down 49%
- Stainless Steel Spot Price – Down 32%
- Aluminum MV Premiums – 18%
The only metal prices expected to increase in 2023 are lead, non-ferrous, and ferrous metals. Aside from those, which include most metals used in construction and similar fields, metal prices are expected to decrease.
Will Metal Prices Continue to Decrease Throughout 2023?
While metal prices will be at all-time lows for most of 2023, they’re expected to rise gradually throughout the year. For instance, metal is expected to start at its 2023 low point in January with an average price of $1.08 per share. However, it’s expected that metal shares will rise at an average of roughly three cents per month, putting it at $1.42 per share by December.
Who to Turn to For Affordable Metal and Stainless Steel Fabrication in El Paso
While metal prices for 2023 seem uncertain, one thing you can rely on in El Paso is Steel Specialties. We’ve been in the stainless steel fabrication, aluminum fabrication, and metal supply business for years. Contact us online or call (915) 590-2337 today for all your metal and fabrication needs and to schedule an appointment.