The £50 per tonne increase is the seventh rise since last Summer and has left specialist contractors warning they can no longer absorb the shock rises.
The latest increase takes the price of standard sections to around £800 a tonne.
Since May 2020 steel prices have risen by around 40% with the scale and speed of the rises unprecedented.
One small steelwork contractor said: “With no indication to the market of impending rises we can no longer afford to pass these rises on in a structured and controlled manner.”
Another told the Enquirer: “I’ve never known anything like this. We’ve been hit by the impact of reverse VAT and cash is getting squeezed as the Government asks the industry to invest in building back better.
“The demand is there but these rises are out of control.”
Recent spate of increases
£/ tonne rise: July +£30; August +£30; Nov +£40, Dec +£80; Jan +£50; March +£30; May +£50
Last month steelwork contractor Billington warned the upward trend in prices showed no signs of easing.
It also highlighted challenges from the restricted supply of cold-rolled steel and Brexit-related issues with imports.
While steel experienced price jumps early on, pressure is now growing on all of construction’s main structural materials as timber prices also skyrocket and cement shortages and rebar rises impact on concrete products.
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