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| Steel prices unlikely to stay high - Arab steel conference - 12 Mar, 2010 | ||
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AP reported that increase in steel consumption projected in the Arab World in 2010, as higher oil prices provide funds for transport infrastructure and housing projects. Industry officials and traders said at an Arab steel conference in Morocco that a jump in steel prices at the start of 2010 looks hard to sustain as growth in global demand remains weak. Several top steel producers have announced price increases since the start of the year after a sharp rise in raw material costs such as iron ore and scrap metal. But uncertainty over whether buyers grappling with big stockpiles will accept the price increase dogs the sector and analysts say a strong rebound in demand this year is unlikely. Industry sources said that Arab World steel consumption would grow 10% this year on 2009's consumption of 41 million tonnes as higher oil prices provide funds for transport infrastructure and housing projects. But longer term prospects remain uncertain, given customs barriers and a ramp up in production by many local producers. Delegates at an the conference in Marrakesh said that many traders were expecting buyers in the world's top steel consumer China to reenter the market after the Chinese new year in mid February, helping support the higher prices. Mr Roberto Rubini regional manager at traders Coutinho and Ferrostaal said that "It didn't happen. One reason for the rise in prices is raw material costs, but I think there was also a political move to boost the market. With no demand behind it, this kind of move is not useful." Mr Bilal Alk Sheikha VP of procurement and logistics at Saudi firm Attieh Steel said that "People should be careful the situation is not stable. Demand is weak and costs too high. There is risk in China, which aims to control growth. (Sourced from Associate Press) | ||
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