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News

World steel prices predicted to rise over the next three years

MEPS (International) : 10 January, 2014  (Special Report)
2013 is expected to be the low point in the latest steel price cycle, according to MEPS. A steady economic recovery is anticipated over the next five years. Steel demand growth is predicted as economic activity expands.
Investment in new steelmaking capacity is expected to be restricted over the next five years - resulting in a lift of plant utilisation rates. The cost of iron ore is forecast to reduce as a result of over-investment in mine capacity in Australia and Brazil.
 
Coking coal costs are expected to increase steadily in the period to 2017.
 
Significant growth in the cost of scrap is predicted in all the major regions over the next five years.
 
With increased demand for steel and higher costs of input material for the steelmakers, average steel prices should expand in the years to 2016.
 
The current oversupply situation in steel manufacturing is likely to reduce in the coming years - providing opportunities for the mills to lift their selling prices - despite the likelihood of declining iron ore costs for the mills.
 
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