Steel, Iron Ore And Ferrochrom Prices Up To 50% This Year.
Online, April 7, 2011 (Newswire.com) - Steel, iron ore and ferrochrom prices up to 50% this year.
Growth in demand from India, China along with Japan reconstruction requirement to push steel, iron ore and ferrochrome prices up to 50% this year.
Investments in infrastructural projects in India ,China, Brazil, Qatar, EU and reconstruction of Japan's tsunami-affected areas will push steel prices higher .
There is 15% growth demand for steel, iron ore, chrome ore and ferrochrome in China and India.
Increases demand for steel worldwide is going to have a big impact on the global supply and demand balance.
Demand for metals like chrome ore, steel , iron ore, ferrochrome which has also outpaced supply.
Steel prices reached $822 per metric ton recently, a 14 per cent rise since the start of this year.
The Japanese government has pledged more than $40 billion towards reconstruction efforts of Japan's tsunami-affected areas.
Iron ore exporters to raise contract prices about 25 percent in the second quarter from the first as spot prices hit a record.
China Steel cited increased raw material cost as the reason for the increase in the prices.
The international markets, The US and European Steel official talked about increase in prices saying high input cost is the reason and increase in the domestic demand .
Albanian Minerals estimates, price of coking coal will be 35 percent up during the second quarter from the first quarter, on account of increasing global demand.
Chrome ore exporters are increasing prices as oil prices have increased dramatically.
The demand for chrome ore, coal, iron ore in China and India is estimated to increase 20 percent this year.
Albanian Minerals and Bytyci SHPK will increase 30% the price of chrome ore do to high oil prices.
Albanian Minerals have start mining one of the largest deposit of chrome ore in Europe on Zogaj, Tropoje.
This open pit mining in Zogaj's location will be one of the largest production of chrome ore in Europe.
The cost of mining chrome ore in this location is up 30% this year.
This will reflect in the prices and production cost.
Albanian Minerals in New York is receiving a record new orders for chrome ore, copper, nickel, coal and iron ore.
Worlds economy is growing and demand for metals will increase
China's economy expanded 10.3 percent in 2010, the fastest pace in three years.
The US economy is showing a significant rise in job creation.
The labor department reported employers had employed an extra 192,000 workers .
Unemployment level dropped to a 2 year low.
The US manufacturing is expanding at its quickest rate in 7 years and the service sector at its fastest pace in 5 years.
The US manufacturing sector grew for the 20Th consecutive month and the overall economy grew for the 22ND consecutive month in March
Brazil's economy grew at its fastest pace in 24 years in 2010.
World's economy is expected to grow by five percent in 2011, this growth will boost gold, oil, copper, steel, commodities and metal prices.
German industrial production rose three times as much as economists forecast in February, adding to signs economic growth accelerated in the first quarter.
Oil prices approached $109 a barrel Thursday .
A weaker dollar makes commodities and metals priced in dollars cheaper and more attractive for investors holding other currencies, often leading to higher oil and metal prices.
Sahit Muja
President & CEO
Albanian Minerals
New York
