The value of steel depends on various factors, including demand, supply, and the global economy. Generally speaking, the higher the steel demand, the higher the value. In addition, steel prices can rise or fall depending on geopolitical events.
When it comes to supplies and production, the steel industry is complex and relies on various inputs, including iron ore, coal, and other minerals. To meet global demand, the industry must constantly upgrade and expand production. It is done by mining new ore deposits, constructing new steel mills, and developing new technologies.