The cost of steel gates and high security fencing may fall as new figures paint a picture of declining raw material costs around the world.

Steel prices in every region of the globe, from the US and Canada to Japan and China, fell during October, according to data from MEPS.

Values in Western Europe slipped as buyers remained reluctant to place orders while concerns remain over the financial crisis.

"Because demand is so mediocre, the output cuts that the producers have implemented so far have not had any positive effect on basis values," said MEPS.

"However, more production curbs are planned by several steelmakers."

Weak demand is evident throughout the world, MEPS explained, while the falling price of iron ore could also be impacting steel values.

Iron ore prices are currently around 30 per cent below their levels three weeks ago following a recent "collapse", Australian firm OneSteel explained in a note to investors.

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