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Firms braced for £95 steel price hike

Firms braced for £95 steel price hike
Steel firm Tata will raise the cost of structural steel sections because of the impact of the recent Australian floods, news which may interest people involved in security fencing installation.

From Sunday March 6th, the price of steel will rise by £95 per tonne, to be effective on all deliveries.

The firm said the devastating flooding in Queensland led to spot prices in some commodities, like coal, to rise "beyond anticipated levels".

Tata only announced a £50 a tonne rise in December.

"The steel supply chain has no choice but to take robust action to recover these rapid increases in raw materials costs," said Mick Maloney, Tata's commercial manager for sections.

According to UK Steel, production of the metal in the UK increased by nearly a quarter in 2010.

Some 9.4 million tonnes of steel were produced, compared to 7.5 million tonnes in 2009.

Globally, 1,414 million metric tonnes of steel were produced in 2010 - an increase of 15 per cent on 2009.ADNFCR-3337-ID-800375749-ADNFCR

Date: 31/01/2011 17:30:24

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