Friday, 04 Feb 2011
TATA Steel had raised transaction prices for reversing mill plate by GBP 90 per tonne effective on all orders placed from February 1st 2011. The increase is the result of higher than anticipated international steel demand in 2010 and expected continuing demand growth this year.
Mr Paul Parkins commercial manager Plates for TATA Steel in Europe said that "All plate consuming industrial sectors are showing improvement and lead times from our mills are extending. Global production of steel in 2010 was 1.4 billion tonnes, an increase of 15% YoY, 50 million tonnes more than forecast. Industry analysts expect this growth to continue throughout 2011, with a further 6% increase in demand bringing production to 1.5 billion tonnes."
In addition, the rise in steel consumption and the recent extreme weather conditions in Australia and Brazil have led to higher spot prices for key inputs such as iron ore and coking coal. TATA Steel will continue to monitor the situation as the full impact on raw material availability and prices becomes clear.(sourced:steelguru)
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