{
  "query": "UK construction cost inflation 2024-2026 steel industry benchmarks",
  "claims": [
    {
      "claim": "In 2024, UK construction cost inflation recorded an average increase of 3.0 percent.",
      "verbatim_quote": "The UK recorded an average increase of 3.0 percent, while Europe experienced average inflation of 2.9 percent.",
      "source_url": "https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends",
      "relevance": "high"
    },
    {
      "claim": "UK steel prices in 2024 saw moderate increases, with structural steel remaining stable to +3% and rebar increasing by 2% to 5%.",
      "verbatim_quote": "Overall annual movement: Merchant Bars: +4% to +7% Coil Sheets: +5% to +8% Structural Steel: Stable to +3% Rebar: +2% to +5%",
      "source_url": "https://coremetsteel.com/news-insights/uk-steel-price-forecast-2025-2026",
      "relevance": "high"
    },
    {
      "claim": "For 2025, UK structural steel prices are forecasted to remain stable or rise by up to 4%, while rebar is expected to increase by 2% to 5%.",
      "verbatim_quote": "Merchant Bars: +3% to +6% Coil Sheets: +2% to +7% Structural Steel: Stable to +4% Rebar: +2% to +5%",
      "source_url": "https://coremetsteel.com/news-insights/uk-steel-price-forecast-2025-2026",
      "relevance": "high"
    },
    {
      "claim": "UK construction cost inflation is anticipated to remain steady at 3.5 percent in 2025.",
      "verbatim_quote": "In the UK and North America, construction cost inflation is anticipated to remain steady at 3.5 percent and 3.8 percent, respectively.",
      "source_url": "https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends",
      "relevance": "high"
    },
    {
      "claim": "In the 12 months leading to February 2026, concrete reinforcing bars (steel) in the UK saw a price decrease of 7.2%.",
      "verbatim_quote": "Concrete reinforcing bars (steel) -7.2",
      "source_url": "https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026",
      "relevance": "high"
    },
    {
      "claim": "The overall construction material price index for 'All work' in the UK increased by 2.1% in February 2026 compared to the previous year.",
      "verbatim_quote": "The material price index for ‘All work’: increased by 2.1% in February 2026 compared with February 2025",
      "source_url": "https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026",
      "relevance": "high"
    },
    {
      "claim": "UK steel producers are projected to pay up to 25% more for electricity than competitors in France and Germany during 2025/26.",
      "verbatim_quote": "New data shows that in 2025/26 UK steel producers will pay up to 25% more for electricity than in France and Germany, resulting in an additional £26 million in costs per year.",
      "source_url": "https://www.uksteel.org/reports-and-publications",
      "relevance": "medium"
    }
  ],
  "market_context": "- [HIGH] In 2024, UK construction cost inflation recorded an average increase of 3.0 percent. (source: https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends)\n- [HIGH] UK steel prices in 2024 saw moderate increases, with structural steel remaining stable to +3% and rebar increasing by 2% to 5%. (source: https://coremetsteel.com/news-insights/uk-steel-price-forecast-2025-2026)\n- [HIGH] For 2025, UK structural steel prices are forecasted to remain stable or rise by up to 4%, while rebar is expected to increase by 2% to 5%. (source: https://coremetsteel.com/news-insights/uk-steel-price-forecast-2025-2026)\n- [HIGH] UK construction cost inflation is anticipated to remain steady at 3.5 percent in 2025. (source: https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends)\n- [HIGH] In the 12 months leading to February 2026, concrete reinforcing bars (steel) in the UK saw a price decrease of 7.2%. (source: https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026)\n- [HIGH] The overall construction material price index for 'All work' in the UK increased by 2.1% in February 2026 compared to the previous year. (source: https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026)\n- [MEDIUM] UK steel producers are projected to pay up to 25% more for electricity than competitors in France and Germany during 2025/26. (source: https://www.uksteel.org/reports-and-publications)"
}