December 03, 2008

Steel prices likely to stay firm in 2008

Chinese think tank forecast that steel prices will keep running on the high track in 2008 and probably continue ascending this year.

Mr Yang Jianlong in charge of industrial economy in the state council's development and research center also believes the steel industry is on an upward course. He forecast the industry is to see crest this year rebound in export and then go into periodical corrections in 2009 to 2010.

As per report coke prices and freight rate hikes and boosted by strong demand of reconstruction in snow snarl stricken areas, steel prices have been surging this year.