But amid continuing uncertainty in global markets, some analysts estimate the surge in supply could bring unexpected short-term benefits for consumers – particularly when it comes to construction.
But estimates by the UK’s National Institute of Economic Data and Research (NIESR) indicate that the 25 per cent tariffs threatened by the US on steel imports from Mexico and Canada alone could reduce UK GDP growth by 0.1 percentage points in 2025.
This could make some of the products used to build or redevelop homes in the UK – such as cladding, aesthetic features, exteriors and gates more affordable, industry experts have said.
“That might be bad for UK steel producers, but good for UK users of steel,” said Peter Levell, deputy research director at the Institute for Fiscal Studies (IFS).
Source: World Steel (CIS=Commonwealth of Independent States)
The price of raw steel has been rising since the pandemic and tariffs could bring them back to 2020 levels, according to Steve Turner, executive director of the Home Builders Federation.
Steel rebar cost £406 per tonne in December 2019, but had risen to £445 per tonne by January 2025, according to UK Government data.
The price of bathroom taps and valves has risen by 25 per cent, while screws are 26 per cent more expensive than they were in 2019.
The result of the tariffs seeing the UK’s steel supply rise may make certain products cheaper – including cladding and gates, Turner said.
While some have warned that cheaper products, especially those from China, could mean lower quality, Turner said this doesn’t necessarily have to be the case. It could also make additional higher-quality products more affordable.
Trump has signed a flurry of executive orders since entering the White House (Photo: Matt Rourke/AP)Impact on UK industry and manufacturers
There is a downside for British steel production if cheap steel from abroad floods the market, the HBF boss warned.
More than 70 per cent of the construction products used in the UK are manufactured domestically. The Government should focus on expanding new technologies so that more products can be produced domestically, Turner said.
An employee handles a delivery of steel at Taylor’s Bell Foundry in Loughborough (photo: Carl Court/Getty)“At a time of shrinking demand and high costs, rising protectionism globally, particularly in the US, will stifle our exports and damage over £400m worth of the steel sector’s contribution to the UK’s balance of trade,” Stace said.
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