Accurate data vital for steel sector success in 2024 

24th November 2023

Steel price data will play a crucial part in ensuring the profitability of steelmakers, stockists and manufacturers in 2024, says MEPS International.

The provision of accurate and timely data, commentary and forecasts empowers businesses to make the strategic decisions that will define their profit margins and shape their success. 

Against a challenging economic backdrop, MEPS can equip steel buyers with the tools needed to negotiate a climate of tight margins and marginal gains.  

MEPS International head of pricing, Kaye Ayub, said: “Many of the markets we assess across the globe are battling an economic slowdown, resulting in limited demand. 

“It’s a market of narrow margins, which places greater pressure on businesses to buy and sell material at the right price.  

“Access to MEPS International’s steel prices, indices and forecasts provides all the information a business needs to inform those key decisions.” 

45 years of insight 

Accurate, actionable steel price data will allow businesses to: 

  • Negotiate a competitive advantage, whether buying or selling. 
  • Foresee and plan for potential disruptions, mitigating losses. 
  • Identify and target possible business growth opportunities. 

Next year, MEPS International celebrates 45 years of providing steel price insight. 

The business was built on the foundation of direct contact with trusted steel market contacts across the globe. This process continues to underpin the intelligence it provides to customers. 

The MEPS pricing methodology ensures the accuracy of data that is trusted by over 5,000 companies to make their steel buying decisions, helping them to negotiate prices and gain a competitive advantage. This includes 50 Fortune Global 500 companies. 

Cost-effective and flexible, MEPS subscriptions offer businesses the chance to tailor the level of data they wish to access from a variety of options. 

Six steel market reviews featuring steel product prices, forecasts and market commentary from 28 countries across five continents are a central part of the MEPS offering. Raw materials are covered by their own monthly report. 

MEPS also provides raw price data directly to its customers and its regional average steel price data via an online customer portal. 

Market outlook 

Next month will also see the publication of the annual MEPS Steel Price Outlook, a detailed report providing five-year flat and long product steel price forecasts for Europe, North America and Asia. 

Businesses keen to model their plans with an immediate or long-term view of the market can benefit from sourcing data from MEPS. With the new year approaching, there has never been a better time to embrace that knowledge, according to Ayub. 

“We have a rich seam of steel industry knowledge running through both our in-house team at MEPS and our highly prized industry sources,” she said. 

“Understanding how competitive the sector is, and what its businesses need to succeed, is part of our DNA. As uncertain as the market currently is, our data and insight will ensure our subscribers are well-prepared for a successful 2024.”   

For more information about MEPS International, and how its steel market insight can benefit your business, contact the customer service team.