Steel prices, steelmaking costs and, by extension, steel mill margins experienced a volatile year in 2022. After a sharp jump of 40% in 2021, global finished steel cash costs rose even further in 2022, primarily driven by surging raw material and energy prices. Iron ore prices fell 22% for the year while hard-coking coal prices exploded by 97%. This price rise increased global average cash costs for finished steel by 15% in 2022 to reach US$736/t. Concerning steel technologies, average costs for BOF mills climbed by 17%, while EAF costs rose by 5% over 2022. The critical demand and cost deterrents for the year were the Chinese property sector downturn and stringent Covid restrictions, the Russia/Ukraine conflict-led global supply chain disruptions, the energy crisis, and the slowing of international private and public expenditure amid rising inflation and credit tightening.