Steel making is an energy intensive industry and for this reason, energy prices, especially oil and natural gas prices, have an important effect on this industry.
The greatest influence on steel prices is the price of fuel. Almost all metals require high heat to make basic industrial products such as sheet metal, wire, rods, and bars.
Most foundries use natural gas, coal, or electricity to produce that heat, and when fuel costs go up, so does the cost of the metals.