Monday, October 4, 2010

India: Steel prices and demand is set to rise in 2011

Global steel prices and demand is set to rise in 2011. Demand for steel is set to rise 13.1 percent to 1.27 billion tonnes this year, higher than an earlier forecast of 8.4 percent growth. Strong demand for steel is expected in China, India, Brazil, Turkey, Saudi Arabia ,Qatar ,Europe and other developed economies due to restocking and government stimulus packages in addition to continued robust demand.

Mr Sahit Muja President of Albanian Minerals in NY and Bytyci SHPK Tropoje said that "Globally, the demand for steel has improved partly due to the fact that most of the inventories were depleted and companies are once again buying steel, iron, ferrochrome and chrome ore to build their inventories led by economic recovery" .
The automobile industry has seen unprecedented sales of vehicles in 2010 in China and India and the trend is most likely to continue in 2011 pushing up the demand and prices for steel.
Iron ore and chrome ore prices have gone up this year. Coking coal prices are also hovering in the range of USD 200 a tonne as against USD 125 a tonne last year.
Global prices of key steel products have gone up by about USD 50 a tonne in the past two months to USD 700 a tonne.

Source: American Chronicle

No comments:

Post a Comment