Steel prices refer to the cost of purchasing steel, a vital material used in construction, manufacturing, and various industries. These prices can fluctuate based on factors such as supply and demand, production costs, and global economic conditions. For instance, when demand for construction projects rises, steel prices may increase due to higher consumption. Additionally, steel prices can be influenced by international trade policies and tariffs. Countries that produce large quantities of steel, like China and India, can impact global pricing through their production levels. Monitoring these trends is essential for businesses and consumers alike to make informed purchasing decisions.