Steel prices to reach $1000 per tonne

According to a MEPS report published today, steel prices are headed toward $1000 per tonne. This would bring steel prices back to their levels of July 2008, which was the last steel pricing peak before the crash.

Driven by higher steelmaking input costs [including coking coal, iron ore as well as steel scrap], the current expectation is for world steel prices to reach $1000 per metric tonne by Q3 2011.

 

To read the MEPS report, visit http://www.meps.co.uk/MepsNewsSteelPrices2011.htm

 

blogger@steelonthenet.com

 

Steel prices set to soar

Steel prices are set to soar by up to 33% according to a report in the Financial Times. This is the view expressed today after miners and steelmakers agreed a ground-breaking change in the iron ore price system, based on abandonment of the old annual 'benchmark' iron ore pricing mechanism and adoption of a quarterly spot market price related pricing scheme.

For further news on this, see original FT report.

blogger@steelonthenet.com

Time for a steel pricing correction?

According to Daily News Analysis India, corrections are imminent for steel pricing worldwide. After three consecutive months of falling Chinese steel exports, the stage is set for increases in international steel prices, especially in India. According to DNA India, the China Iron and Steel Association confirms that the recent trend in moderating Chinese steel export volumes is expected to continue through the year.

This reduction in steel supply volumes is to be accompanied by reduced steelmaking output in America. The report observes that recent production cuts in the USA are likely to allow price rises in the coming months.

For original article, see http://www.dnaindia.com/report.asp?NewsID=1115154.

blogger@steelonthenet.com