Thursday, March 27, 2008
STEEL PRICES DRIVEN UP BY RISING INPUT COSTS AND LIMITED SUPPLY
MEPS INTERNATIONAL
Since it was announced that iron ore prices would rise by 65 percent, Chinese mills have sought to lift steel values quite substantially. Japanese producers have tabled advances of ¥20,000 per tonne for April deliveries and may even adjust prices further in the third trimester. Market values have already strengthened considerably in the wake of the announcements, amidst tight supply caused in part by buoyant demand from the auto makers.
Since it was announced that iron ore prices would rise by 65 percent, Chinese mills have sought to lift steel values quite substantially. Japanese producers have tabled advances of ¥20,000 per tonne for April deliveries and may even adjust prices further in the third trimester. Market values have already strengthened considerably in the wake of the announcements, amidst tight supply caused in part by buoyant demand from the auto makers.
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