Latest data collected by cost consultant Gardiner & Theobald shows structural steel has fallen to around £1,000 per tonne in January, 31% down from last Spring’s peak price of £1,450 per tonne.

Likewise in the structural concrete sector, rebar prices are also recording sustained falls, down 16% from a peak of £1,170 to £980 per tonne at the start of the year.

But even after the recent correction, prices are still well above historical levels.

Prices are being driven down by lower global steel demand amid economic growth concerns, and destocking.

G&T said there were now strong signs that the construction market was stabilising with material prices softening.

But Michael Urie, senior market analyst, warned that one sector for clients and contractors to watch over the next few months was concrete prices.

He said: “While steel prices have fallen, concrete and cement prices continued to rise partly because the material has a localised supply chain.

“This gives suppliers greater pricing power and therefore less need to pass on reductions in raw material and energy costs.”