You cannot mention metal steel prices without mentioning the history of steel. Steel is a metal alloy consisting of both carbon and iron in the ratio of 2.1% and 0.2% respectively. Carbon is the most abundant in the alloy. Steel was produced as early as the renaissance period. However, some historians say that some primitive form of steel existed way before the said period. More advanced and efficient mechanisms of making steel emerged. At this stage, metal steel prices were unheard of because steel was a medium of exchange on its own. If you look at steel in the current context, it has many uses mainly in the construction industry, which is railways, roads, buildings and other infrastructure applications. The significant use that is relevant to our topic is its monetary value. If you look at the history of steel prices, it will be difficult to narrow it to a global perspective. It should be looked at from specific geographical location facets because the prevailing social-economic conditions are not absolute to every part of the world. There are numerous markets that exist and the most popular one is the US steel market.
The US steel market has become popular over the years because it is dynamic and consistent with high volumes of trade taking place on a daily basis. Steel as an alloy is used in so many places and that is why its price is relatively high compared to other metals. Steel metal prices vary depending on the market volatility and the overall market conditions.