December Market Minute 2024

As 2024 draws to a close, we’ve witnessed twelve months of changing and sometimes challenging conditions across metal markets.

In conversations with customers, Jonathan Dunnam, SteelNow customer experience manager, has found many in a holding pattern, looking with hopeful anticipation towards the new year.

Getting consistent work has been especially tough for small businesses in 2024, and some fabricators have taken on service and repair work to sustain their business.

As they finish out the year, buying in small quantities and carefully managing inventory and labor seems to be the focus for many through the end of December.

Here’s what we’re seeing in the market moving towards 2025:

Steel Prices: A Rollercoaster Year with Big Lessons

The carbon steel market in 2024 felt like a rollercoaster—big highs, sharp drops, and a lot of white-knuckle moments in between. Prices started the year at a rare high of $1,000/ton, only to tumble into the $600/ton range by mid-year.

For smaller buyers, this was a tough ride. If you bought at the wrong time, you might’ve paid too much or ended up sitting on costly inventory. Imports didn’t offer much relief either—fluctuating domestic prices made placing long-term orders risky.

As we look ahead, there’s more uncertainty brewing. Tariff talks are heating up, and changes—especially with Canada and Mexico—could shake up pricing and supply again. If you’re planning for 2025, it’s a good idea to keep your inventory balanced, avoid overcommitting, and stay close to your supplier to jump on price dips when they come.