{
  "query": "UK construction inflation 2024-2026 steel industry project budget variance trends",
  "raw_results": [
    {
      "url": "https://assets.publishing.service.gov.uk/media/69afe20f6827004e30b8a5b4/uk-steel-strategy-demand-assessment-2025-part-one-long-term-steel-demand-outlook.pdf",
      "title": "[PDF] UK Steel Strategy Demand Assessment - GOV.UK",
      "content": "projects Major Construction Projects NOT EXHAUSTIVE Project Expected Cost Heathrow Airport Expansion ~£18bn Sellafield Plutonium Recycling Plant ~£15bn Cambois Data Centre ~£13bn 2020 13 79 128 2025 15 91 142 2030 17 105 149 2035 19 114 156 2040 7 124 163 2045 24 136 171 2050 59 104 171 220 248 271 289 309 330 21 5.2% 1.6% Industrial Energy & Infrastructure Commercial & Institutional Note: Construction spend does not include residential, which typically has a low steel -intensity compared to other large -scale construction applications. Source: GlobalData (Construction in the UK: Key Trends and Opportunities) , Fitch Solutions, Hatch analysis. CAGR 2025-2030 4.2% 2.8% 1.7% Copyright © Hatch 2026 | All content subject to Notice to Reader 31 Engagement Context Introduction & Methodology [...] galvanised Iron (PPGI) -1.2% Tinplates -2.2% Plates -0.6% Cold Rolled Coil (CRC) -1.3% Hot Rolled Coil (HRC) -1.2% Hot Dipped Galvanised (HDG) -1.9% Source: Hatch analysis, Stakeholder meetings. Copyright © Hatch 2026 | All content subject to Notice to Reader 15 Engagement Context Introduction & Methodology Demand Driver Analysis Grey Steel Demand Forecast Green Steel Demand Forecast Appendix Steel demand is driven by trends in end -use sectors; construction is the primary sector influencing long product demand Long Product Demand by End -Use Sector ILLUSTRATIVE Emerging Sector Core Sector Light section demand Construction Wire rod demand Construction E&M Automotive E&M Special profile demand Yellow goods Engineering steel demand Automotive E&M Other1 Rail steel demand Rail Heavy section [...] 1,000 1,500 2,000 2,500 3,000 0 200 400 600 800 1,000 1,200 Annual Network Additions Cumulative Network 2025 2030 2035 2040 2045 2050 Cumalative Pipe Network Additional Annual New Pipeline Project Km Status HyNet North West 350 Feasibility UK Project Union 1500 Concept H2 Link Teeside -Humberside 100 Concept UK-Germany North Sea Pipeline 650 Feasibility NOT EXHAUSTIVE Key Hydrogen Projects Copyright © Hatch 2026 | All content subject to Notice to Reader 46 1.0 Engagement Context 1.1 Introduction & Methodology 1.2 Demand Driver Analysis 1.3 Long -Term Steel Demand Forecast 1.4 Long-Term Green Steel Demand Forecast Appendix Contents Copyright © Hatch 2026 | All content subject to Notice to Reader 47 Engagement Context Introduction & Methodology Demand Driver Analysis Grey Steel Demand",
      "score": 0.8058924,
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    },
    {
      "url": "https://uk.finance.yahoo.com/news/united-kingdom-steel-industry-report-090900846.html",
      "title": "United Kingdom Steel Industry Report 2026 | Now Available",
      "content": "United Kingdom Steel Market · GlobeNewswire Inc.\n\n \n\nDublin, April 29, 2026 (GLOBE NEWSWIRE) -- The \"United Kingdom Steel Market Report by Type, Product, Application, Cities and Companies Analysis 2026-2034\" report has been added to  ResearchAndMarkets.com's offering.  \n  \nThe UK steel market is anticipated to surge from US$ 57.91 Billion in 2025 to US$ 82.49 Billion in 2034, driven by continuous demand from building and construction, infrastructure, automotive, and renewable energy industries. The market is expected to grow at a CAGR of 4.01% from 2026-2034, due to ongoing infrastructural modernization, electric vehicle production growth, and the increasing application of high strength and sustainable steel grades in various industrial uses. [...] Research and Markets\n\n5 min read\n\n MT.AS\n\n  -2.36%\n TATASTEEL.NS\n\n  -1.20%\n NUE\n\n  +0.35%\n\nCompany Logo\n\nCompany Logo\n\n \n\nThe UK steel market is set to rise from US$ 57.91 billion in 2025 to US$ 82.49 billion by 2034, growing at a CAGR of 4.01%. This growth is fueled by ongoing infrastructural modernization, rising electric vehicle production, and the increasing use of high-strength, sustainable steel across various industries. Key sectors include building and construction, automotive, and renewable energy, with London, Manchester, and Liverpool being major regional hubs. The market faces challenges from high energy costs and competitive pressures but remains vital for a sustainable future. Notable companies include ArcelorMittal, Tata Steel, and Nucor Corporation. [...] At the same time, policy pressure accelerates investment in more energy-efficient buildings, retrofits, and transport systems, which often incorporate steel solutions. TotalEnergies is actively deploying its integrated power strategy, with a renewable portfolio in the UK that includes 1.1GW of installed capacity and 4.5GW under development in offshore wind and solar projects. In late 2025, TotalEnergies acquired a pipeline of 350MW of solar and 85MW of battery projects expected to be operational by 2028.  \n  \nIndustrial Manufacturing, Automotive & Re-shoring Trends",
      "score": 0.7559439,
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    },
    {
      "url": "https://www.arcadis.com/en-gb/insights/perspectives/europe/united-kingdom/uk-construction-market-view-spring-2026",
      "title": "UK Construction Market Outlook Spring 2026 - Arcadis",
      "content": "The Spring 2026 Arcadis UK Market View examines the forces shaping the UK construction market, from shifts in sector performance and regional activity to emerging cost pressures and long-term infrastructure investment.\n\n## UK construction industry trends, growth, and inflation insights\n\nThe Spring 2026 Arcadis UK Market View provides a data-driven perspective on the forces shaping the UK construction sector. The report combines market research and analysis, sector insights, and forward-looking forecasts to help industry leaders navigate an uncertain recovery.\n\nConstruction growth and sector performance analysis—how residential, commercial, infrastructure, and public sectors are diverging in a two-speed recovery. [...] What is the forecast for UK construction inflation?\n\n  Construction cost inflation is expected to remain moderate in the near term due to soft demand and competitive pressure across supply chains. However, rising commodity and energy prices, labour shortages, and increased infrastructure investment could create renewed inflationary pressure as market activity strengthens.\n How will building costs change in 2026? [...] ## The state of the construction market in the UK\n\nThe UK construction sector has entered 2026 facing an uneven recovery. After a promising start to 2025, activity slowed significantly in the second half of the year, with new build output declining even as the pipeline of future work continued to grow.\n\nAffordability pressures, regulatory complexity, and delayed investment decisions are slowing the conversion of projects from planning to delivery, particularly in the residential sector. At the same time, other parts of the market—including commercial development and infrastructure investment—are showing early signs of renewed momentum.",
      "score": 0.7123327,
      "raw_content": null
    },
    {
      "url": "https://coremetsteel.com/news-insights/uk-steel-price-forecast-2025-2026/",
      "title": "UK Steel Price Forecast 2025–2026 | Market Outlook",
      "content": "##### Steel Market Snapshot (2024 Recap)\n\nIn 2024, UK steel prices saw moderate increases as energy costs settled and imports from Turkey and Asia increased competitiveness. Overall annual movement:\n\n Merchant Bars: +4% to +7%\n Coil Sheets: +5% to +8%\n Structural Steel: Stable to +3%\n Rebar: +2% to +5%\n\nThis forms the baseline for 2025–2026 expectations.\n\n##### Price Outlook for 2025\n\nUK steel prices are expected to rise gradually due to stronger construction demand, global scrap trends, and steady energy costs.\n\n Merchant Bars: +3% to +6%\n Coil Sheets: +2% to +7%\n Structural Steel: Stable to +4%\n Rebar: +2% to +5%\n\nImport pressure — especially from Turkey and India — will help prevent sharp increases, but procurement teams should still expect gradual quarterly rises. [...] The UK steel price forecast for 2025–2026 is a key concern for builders and fabricators as the market shifts after recent volatility. This overview explains the expected price trends and what buyers should prepare for. Steel prices in the UK are entering a period of moderate but steady movement, making 2025–2026 an important planning window for builders, fabricators, and procurement teams. After a volatile 2023–2024 shaped by energy fluctuations and supply chain challenges, the market is now stabilising — but several key drivers will continue to influence costs over the next 24 months.\n\nWorker in Factory\n\nSteel products UK – industrial pipes manufactured to British standards\n\nKey UK Steel Price Trends and Market Outlook for 2025–2026\n\n##### Steel Market Snapshot (2024 Recap) [...] ##### Key Factors Shaping Prices\n\n Energy Costs: Still a major influence on mill production costs.\n Scrap Steel Prices: Particularly impactful for merchant bars and rebar.\n Import Competition: Turkish and Asian mills continue to offer competitive pricing.\n UK Construction Demand: Infrastructure and housing projects will support steady consumption.\n Logistics: Reduced freight rates in 2025–2026 improve import affordability.\n\n##### Practical Advice for Steel Buyers",
      "score": 0.68571854,
      "raw_content": null
    },
    {
      "url": "https://www.glenigan.com/wp-content/uploads/Glenigan-Construction-Industry-Forecast-June_2024_2026.pdf",
      "title": "[PDF] CONSTRUCTION INDUSTRY FORECAST 2024-2026 - Glenigan",
      "content": "INDUSTRIAL -12% 2024 +3% 2025 +4% 2026 23 CHART 6: Value of Underlying Industrial Project-Starts (under £100 million) by Year THE FUTURE OF THE SECTOR A further 12% decline in industrial starts is expected for 2024. While the economic outlook is improving, the consumer spending recovery is predicted to be modest. A more substantial rebound in retail sales, particularly online purchases, is necessary to increase demand for logistics space. UK manufacturing output is also expected to remain subdued, limiting the need for new capacity investment. [...] The General Election and subsequent ministerial reviews might cause temporary delays, but overall starts are still forecast to rise by 14% in 2024. Although the post-election Spending Review might lead to a moderation in starts in 2025, the long-term outlook remains positive with continued political commitment to NHS investment. This is expected to translate into renewed growth in project starts by 2026 with fresh funding allocations. [...] 13 14 PREPARING FOR THE FUTURE OF CONSTRUCTION Krystle Drover, B.Eng, P.Eng Associate Director, Major Project Advisory KPMG in the UK OVERVIEW As the forecast over the next three years in the UK construction industry stands to benefit from gradually accelerated economic growth, a continuing optimistic question will exist around the ability and capacity of industry to deliver against increasing demands. To capitalize on this positive trajectory, the industry will need to support a continued focus on new and innovative strategies, products, and ways of working to enable delivery at pace. Irrespective of the outcome of the general election in 2024, the UK government must continue to focus investment on enhancing and expanding infrastructure, which will continue to be accompanied with the",
      "score": 0.6504012,
      "raw_content": null
    }
  ],
  "formatted": "Source: [PDF] UK Steel Strategy Demand Assessment - GOV.UK\nURL: https://assets.publishing.service.gov.uk/media/69afe20f6827004e30b8a5b4/uk-steel-strategy-demand-assessment-2025-part-one-long-term-steel-demand-outlook.pdf\nprojects Major Construction Projects NOT EXHAUSTIVE Project Expected Cost Heathrow Airport Expansion ~£18bn Sellafield Plutonium Recycling Plant ~£15bn Cambois Data Centre ~£13bn 2020 13 79 128 2025 15 91 142 2030 17 105 149 2035 19 114 156 2040 7 124 163 2045 24 136 171 2050 59 104 171 220 248 271 289 309 330 21 5.2% 1.6% Industrial Energy & Infrastructure Commercial & Institutional Note: Construction spend does not include residential, which typically has a low steel -intensity compared to other large -scale construction applications. Source: GlobalData (Construction in the UK: Key Trends and Opportunities) , Fitch Solutions, Hatch analysis. CAGR 2025-2030 4.2% 2.8% 1.7% Copyright © Hatch 2026 | All content subject to Notice to Reader 31 Engagement Context Introduction & Methodology [...] galvanised Iron (PPGI) -1.2% Tinplates -2.2% Plates -0.6% Cold Rolled Coil (CRC) -1.3% Hot Rolled Coil (HRC) -1.2% Hot Dipped Galvanised (HDG) -1.9% Source: Hatch analysis, Stakeholder meetings. Copyright © Hatch 2026 | All content subject to Notice to Reader 15 Engagement Context Introduction & Methodology Demand Driver Analysis Grey Steel Demand Forecast Green Steel Demand Forecast Appendix Steel demand is driven by trends in end -use sectors; construction is the primary sector influencing long product demand Long Product Demand by End -Use Sector ILLUSTRATIVE Emerging Sector Core Sector Light section demand Construction Wire rod demand Construction E&M Automotive E&M Special profile demand Yellow goods Engineering steel demand Automotive E&M Other1 Rail steel demand Rail Heavy section [...] 1,000 1,500 2,000 2,500 3,000 0 200 400 600 800 1,000 1,200 Annual Network Additions Cumulative Network 2025 2030 2035 2040 2045 2050 Cumalative Pipe Network Additional Annual New Pipeline Proj\n\n---\n\nSource: United Kingdom Steel Industry Report 2026 | Now Available\nURL: https://uk.finance.yahoo.com/news/united-kingdom-steel-industry-report-090900846.html\nUnited Kingdom Steel Market · GlobeNewswire Inc. Dublin, April 29, 2026 (GLOBE NEWSWIRE) -- The \"United Kingdom Steel Market Report by Type, Product, Application, Cities and Companies Analysis 2026-2034\" report has been added to ResearchAndMarkets.com's offering. The UK steel market is anticipated to surge from US$ 57.91 Billion in 2025 to US$ 82.49 Billion in 2034, driven by continuous demand from building and construction, infrastructure, automotive, and renewable energy industries. The market is expected to grow at a CAGR of 4.01% from 2026-2034, due to ongoing infrastructural modernization, electric vehicle production growth, and the increasing application of high strength and sustainable steel grades in various industrial uses. [...] Research and Markets 5 min read MT.AS -2.36% TATASTEEL.NS -1.20% NUE +0.35% Company Logo Company Logo The UK steel market is set to rise from US$ 57.91 billion in 2025 to US$ 82.49 billion by 2034, growing at a CAGR of 4.01%. This growth is fueled by ongoing infrastructural modernization, rising electric vehicle production, and the increasing use of high-strength, sustainable steel across various industries. Key sectors include building and construction, automotive, and renewable energy, with London, Manchester, and Liverpool being major regional hubs. The market faces challenges from high energy costs and competitive pressures but remains vital for a sustainable future. Notable companies include ArcelorMittal, Tata Steel, and Nucor Corporation. [...] At the same time, policy pressure accelerates investment in more energy-efficient buildings, retrofits, and transport systems, which often incorporate steel solutions. TotalEnergies is actively deploying its integrated power strategy, with a renewable portfolio in the UK that includes 1.1\n\n---\n\nSource: UK Construction Market Outlook Spring 2026 - Arcadis\nURL: https://www.arcadis.com/en-gb/insights/perspectives/europe/united-kingdom/uk-construction-market-view-spring-2026\nThe Spring 2026 Arcadis UK Market View examines the forces shaping the UK construction market, from shifts in sector performance and regional activity to emerging cost pressures and long-term infrastructure investment. ## UK construction industry trends, growth, and inflation insights The Spring 2026 Arcadis UK Market View provides a data-driven perspective on the forces shaping the UK construction sector. The report combines market research and analysis, sector insights, and forward-looking forecasts to help industry leaders navigate an uncertain recovery. Construction growth and sector performance analysis—how residential, commercial, infrastructure, and public sectors are diverging in a two-speed recovery. [...] What is the forecast for UK construction inflation? Construction cost inflation is expected to remain moderate in the near term due to soft demand and competitive pressure across supply chains. However, rising commodity and energy prices, labour shortages, and increased infrastructure investment could create renewed inflationary pressure as market activity strengthens. How will building costs change in 2026? [...] ## The state of the construction market in the UK The UK construction sector has entered 2026 facing an uneven recovery. After a promising start to 2025, activity slowed significantly in the second half of the year, with new build output declining even as the pipeline of future work continued to grow. Affordability pressures, regulatory complexity, and delayed investment decisions are slowing the conversion of projects from planning to delivery, particularly in the residential sector. At the same time, other parts of the market—including commercial development and infrastructure investment—are showing early signs of renewed momentum.\n\n---\n\nSource: UK Steel Price Forecast 2025–2026 | Market Outlook\nURL: https://coremetsteel.com/news-insights/uk-steel-price-forecast-2025-2026/\n##### Steel Market Snapshot (2024 Recap) In 2024, UK steel prices saw moderate increases as energy costs settled and imports from Turkey and Asia increased competitiveness. Overall annual movement: Merchant Bars: +4% to +7% Coil Sheets: +5% to +8% Structural Steel: Stable to +3% Rebar: +2% to +5% This forms the baseline for 2025–2026 expectations. ##### Price Outlook for 2025 UK steel prices are expected to rise gradually due to stronger construction demand, global scrap trends, and steady energy costs. Merchant Bars: +3% to +6% Coil Sheets: +2% to +7% Structural Steel: Stable to +4% Rebar: +2% to +5% Import pressure — especially from Turkey and India — will help prevent sharp increases, but procurement teams should still expect gradual quarterly rises. [...] The UK steel price forecast for 2025–2026 is a key concern for builders and fabricators as the market shifts after recent volatility. This overview explains the expected price trends and what buyers should prepare for. Steel prices in the UK are entering a period of moderate but steady movement, making 2025–2026 an important planning window for builders, fabricators, and procurement teams. After a volatile 2023–2024 shaped by energy fluctuations and supply chain challenges, the market is now stabilising — but several key drivers will continue to influence costs over the next 24 months. Worker in Factory Steel products UK – industrial pipes manufactured to British standards Key UK Steel Price Trends and Market Outlook for 2025–2026 ##### Steel Market Snapshot (2024 Recap) [...] ##### Key Factors Shaping Prices Energy Costs: Still a major influence on mill production costs. Scrap Steel Prices: Particularly impactful for merchant bars and rebar. Import Competition: Turkish and Asian mills continue to offer competitive\n\n---\n\nSource: [PDF] CONSTRUCTION INDUSTRY FORECAST 2024-2026 - Glenigan\nURL: https://www.glenigan.com/wp-content/uploads/Glenigan-Construction-Industry-Forecast-June_2024_2026.pdf\nINDUSTRIAL -12% 2024 +3% 2025 +4% 2026 23 CHART 6: Value of Underlying Industrial Project-Starts (under £100 million) by Year THE FUTURE OF THE SECTOR A further 12% decline in industrial starts is expected for 2024. While the economic outlook is improving, the consumer spending recovery is predicted to be modest. A more substantial rebound in retail sales, particularly online purchases, is necessary to increase demand for logistics space. UK manufacturing output is also expected to remain subdued, limiting the need for new capacity investment. [...] The General Election and subsequent ministerial reviews might cause temporary delays, but overall starts are still forecast to rise by 14% in 2024. Although the post-election Spending Review might lead to a moderation in starts in 2025, the long-term outlook remains positive with continued political commitment to NHS investment. This is expected to translate into renewed growth in project starts by 2026 with fresh funding allocations. [...] 13 14 PREPARING FOR THE FUTURE OF CONSTRUCTION Krystle Drover, B.Eng, P.Eng Associate Director, Major Project Advisory KPMG in the UK OVERVIEW As the forecast over the next three years in the UK construction industry stands to benefit from gradually accelerated economic growth, a continuing optimistic question will exist around the ability and capacity of industry to deliver against increasing demands. To capitalize on this positive trajectory, the industry will need to support a continued focus on new and innovative strategies, products, and ways of working to enable delivery at pace. Irrespective of the outcome of the general election in 2024, the UK government must continue to focus investment on enhancing and expanding infrastructure, which will continue to be accompanied with the"
}