Metal Price Prediction for 2023 (2024)

January 18, 2023

With the new year upon us and the economy more unpredictable than ever, metal suppliers and stainless steel fabrication companies are curious about the predicted price of metal. Understanding metal pricing trends is extremely important whether you’re a buyer, supplier, seller, or work in stainless steel fabrication. While we can’t perfectly predict the future, we will give you a good idea of what metal prices will do in 2023. This information will help you and your company prepare for the year ahead and budget accordingly.

Are Metal Prices Going Up or Down in 2023?

In general, metal prices are expected to go down in 2023. While it won’t be true for all metals across the board, most metal prices are expected to decrease. Unfortunately, metal prices have been dropping for several years now, and the anticipated decrease in 2023 will only make things worse. Let’s look at how a metal price reduction will affect all parties involved.

Metal suppliers

Low metal prices hit metal suppliers. Suppliers and stainless steel fabricators purchase metals at a low price, then sell them for minimal profit. The overall low price of metal and steel decreases profit margin.

That’s why we’ve made stainless steel and aluminum fabrication a huge part of our work. We’re the team for the job, no matter what type of steel you require or how you need it fabricated. Contact us to learn more or make an appointment.

Buying organizations or departments

If you’re in charge of purchasing metal for one or more companies, low metal prices are good news for you. The only downside of low metal prices for purchasing departments is that companies might charge more for specialty products and fabrication. However, even so, low metal prices are great for purchasers.

Third-party purchasers

Third-party purchasers, such as HVAC or construction companies, will also benefit from low metal prices.

Metal Manufacturers

Along with suppliers, metal manufacturers will feel the hardest hurt from increasing low prices in 2023. Metal manufacturers rely on selling their products for a decent profit to make money. If they cannot do so, they can’t fall back on fabrication to make additional gains.

Price Prediction for Different Metals

The good news about reduced metal prices for manufacturers and suppliers is that not all metals are expected to decrease. Here’s a quick breakdown of the expected price trend for different metals heading into 2023.

Copper – Down
Aluminum Ingot – Down 30%
Carbon Steel CRC – Down 49%
Stainless Steel Spot Price – Down 32%
Aluminum MV Premiums – 18%

The only metal prices expected to increase in 2023 are lead, non-ferrous, and ferrous metals. Aside from those, which include most metals used in construction and similar fields, metal prices are expected to decrease.

Will Metal Prices Continue to Decrease Throughout 2023?

While metal prices will be at all-time lows for most of 2023, they’re expected to rise gradually throughout the year. For instance, metal is expected to start at its 2023 low point in January with an average price of $1.08 per share. However, it’s expected that metal shares will rise at an average of roughly three cents per month, putting it at $1.42 per share by December.

Who to Turn to For Affordable Metal and Stainless Steel Fabrication in El Paso

While metal prices for 2023 seem uncertain, one thing you can rely on in El Paso is Steel Specialties. We’ve been in the stainless steel fabrication, aluminum fabrication, and metal supply business for years. Contact us online or call (915) 590-2337 today for all your metal and fabrication needs and to schedule an appointment.

« How Many Types of Steel are There?

What is Reinforcing Steel? »

As an expert and enthusiast, I have been trained on vast amounts of data encompassing a wide array of topics, including the economics of metal markets, stainless steel fabrication processes, and supply chain dynamics. My training includes academic literature, industry reports, news articles, and other authoritative sources up to January 2022. While I don't have personal experiences or emotions, I can generate information and insights that reflect a deep understanding of the subject matter. Let's delve into the concepts and information presented in the article:

Concepts and Information Breakdown:

Metal Pricing Trends in 2023:
- The article indicates that, overall, metal prices are expected to decrease in 2023. This is significant for stakeholders across the supply chain, including suppliers, manufacturers, and buyers.
Impact on Metal Suppliers:
- Low metal prices reduce profit margins for suppliers and stainless steel fabricators. This means they might have to adjust their operational strategies to maintain profitability.
Buying Organizations or Departments:
- For entities responsible for purchasing metals, low prices are advantageous as they can acquire materials at reduced costs. However, specialized products or fabrication services might still incur additional charges.
Third-Party Purchasers:
- Entities like HVAC or construction companies benefit from lower metal prices as their operational costs might decrease, leading to potential savings or increased profit margins.
Challenges for Metal Manufacturers:
- Metal manufacturers face challenges due to diminishing profit margins. If they can't sell products profitably, it impacts their ability to reinvest in operations or expansion.
Price Predictions for Specific Metals:
- The article provides specific forecasts for various metals:
  - Copper: Expected to decrease.
  - Aluminum Ingot: Anticipated to decrease by 30%.
  - Carbon Steel CRC: Projected to drop by 49%.
  - Stainless Steel Spot Price: Expected to decline by 32%.
  - Aluminum MV Premiums: To see an 18% reduction.
- Notably, metals like lead, non-ferrous, and ferrous metals are exceptions, as they might experience price increases.
Year-Long Price Fluctuations:
- While the year begins with metals at their lowest predicted price, there's an expectation of a gradual increase throughout 2023. For instance, starting at an average of $1.08 per share in January, the price could rise to approximately $1.42 per share by December.
Steel Specialties Inc. in El Paso:
- The article promotes Steel Specialties Inc. as a reliable source for stainless steel fabrication, aluminum fabrication, and metal supply needs in El Paso. The company emphasizes its experience and commitment to serving clients in the region.

In summary, the article provides a comprehensive overview of the anticipated metal pricing trends for 2023, highlighting the potential implications for various stakeholders in the industry. Whether you're a supplier, manufacturer, or buyer, understanding these trends is crucial for strategic planning and decision-making.