Source page: McKinsey & Company
Commentary
Fortifying steel
Metals and mining | Decarbonization
May 17, 2023 – It’s been a bumpy ride for the steel industry. According to analysis by partners Oleksandr Kravchenko and Benedikt Zeumer and colleagues, prices for commodities along the steel value chain reached record highs in 2021. Russia’s invasion of Ukraine in 2022 created supply chain disruptions and uncertainties that caused prices to spike further. Now, industry players are bracing for more volatility amid slowing demand for steel and a push for decarbonization. In response, leaders can consider strategies including strengthening the raw-material supply chain and doubling down on technological agility. Click through the interactive to see more.
Interactive
To read the article, see “The resilience of steel: Navigating the crossroads,” April 18, 2023.
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Visual form
Sequence of commodity-price line charts.
Layout / body structure
Each slide presents one long-run price line for a steel-input market, with the same left-to-right time axis, a shaded 2021-22 band near the right edge, and notes under the plot; the reader advances chart by chart through the value chain.
What is being compared
It compares price behavior across different steel value-chain inputs over time, including metallurgical coal, iron ore, and other upstream commodities tied to steel production.
Measurement system
The vertical measure is dollars per metric ton, the horizontal measure is time, and each slide also marks a long-term average so the current spike can be judged against a reference level.
Visible structure inside the graphic
Every frame uses a single black price line, horizontal grid lines, a shaded 2021-22 window, an annotation for the invasion of Ukraine, and a labeled long-term average at the right, so the repeating layout emphasizes volatility across commodity panels rather than changing chart design.
Main takeaway from the visual
The shows multiple steel inputs breaking sharply above their long-term averages around the 2021-22 period, making the recent volatility look systemic across the value chain rather than isolated to one commodity.
Key standout values or extremes
The metallurgical-coal slide spikes above 600 dollars per metric ton against a long-term average of 168, while the iron-ore slide rises above 200 against a long-term average of 106 before both series swing back down and continue to move sharply.
Controls / sequence, when applicable
The reader steps through a series of similarly formatted commodity charts, which lets the same time window and the same Ukraine-era band be compared across different steel inputs one panel at a time.
Companion media, when applicable
There is no separate companion audio or video; the chart is the full visual on this page.