Steel is a global asset, with the material being a major component in everything from shipbuilding and infrastructure to everyday machines and appliances. It is an industry that is worth billions and is vital to the economy of most countries. Yet it is a commodity that is subject to significant influence from a variety of factors including:
- The strength of the nation’s currency
- The status of the global economy
- World disasters and weather events
The World Steel Association is the global authority on the steel industry that makes predictions about the demand for steel and if prices will rise or fall using sophisticated software and years of experience. The organization anticipates that in 2018, the price of steel will increase by 8% and credits this rise to China’s increased demand for the metal. This is significant as China is the world’s leading producer of steel and hence they dominate the global market. In 2016, supply greatly outweighed demand and as a result, the price of steel decreased as China transferred its economic focus to services instead of infrastructure and manifesting. The Chinese government has vowed to continue to decrease the production of steel significantly by 2020.
As China takes a back seat, the worlds demand for steel still continues, with the US showing particular demand for the valuable metal. Steel manufacturers are set to benefit greatly from the increased demand but this will translate into greater costs for the consumer. Those looking to invest will see steel building costs soar in the later months of 2018 and early 2019 so now is very much the time to capitalize on the market and purchase your steel building now. You can also lock your steel building cost by using providers such as Armstrong Steel.
Is a Steel Build a worthy investment?
A steel build is a great option for a number of reasons. With more people than ever starting their businesses from home, it can be more productive for entrepreneurs to have a home base to work from. Steel builds come in a range of sizes and shapes to suit its purpose and can provide a highly functional space for start-ups or established business owners. They are incredibly easy to construct which can cut the cost of hiring help and as the buildings are pre-fabricated, this removes the need for an architect. One of the great things about a steel build is your ability to customize it to suit your growing business needs but is not just businesses that can benefit from these clever investments.
Following the phenomenal success of companies such as Airbnb, people are now adding steel builds to their property as a way to build a passive income. These customizable spaces can be turned into spacious, stylish and rentable accommodation for travelers looking to get away for a weekend in the country or have a classy city break without paying for a hotel. These remarkable builds are incredibly versatile, so now is the time to invest.