Prices for steel, steel construction materials and other industrial goods in December fell in line with previous estimates, as the government said it will not pursue further cuts to industrial spending.
Steel prices in the European Union fell 0.4% to €1.089 per metric tonne on Tuesday, according to Bloomberg New Energy Finance.
That was also the lowest level since December 2012, when they fell 1.1% to $1.12.
The price index excludes imports.
The steel industry has been hit by the global financial crisis and has been struggling to cope with a drop in demand for its products.
The EU has been one of the most vocal buyers of the metals, buying about €7.4 billion ($9.2 billion) worth of steel in the first three months of this year.
A European Commission report last year said the EU should be aiming to reduce the trade deficit in the region to 1.2% of GDP by 2020, up from 1.0% this year, to prevent the bloc from sliding into recession.
The trade surplus will then fall to 1% of output in 2020.