Iron-Ore Price Hike Hits Steel Prices
By Staff -- Purchasing, 3/13/2008
With Brazilian Iron-Ore mining firm Vale agreeing to a 65% increase in iron-ore prices with Asian steelmakers, market experts say steel prices in Asia—and the U.S.—will see a major increase later this year. Analyst Michelle Applebaum expects "U.S. steelmakers to continue to exploit their advantage by raising prices up until the point just before imports are attracted in." And UBS analyst Timna Tanners says "higher costs will prop global steel prices higher in light of fairly tight global market conditions and limited Chinese exports."
| Company | Price increase |
| Nippon Steel (Japan) | 31% |
| JFE Holdings (Japan) | 31% |
| Posco (South Korea) | Undetermined |
| Hyundai Steel (South Korea) | 9.4% (hot-rolled) |
| Baosteel (China) | 10% |
| Laiwu Steel (China) | Undetermined |
| Arcelor Mittal (UK) | $59/metric tonEuropean flat carbon |
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