British steel consulting firm MEPS said on Wednesday that global steel prices are expected to increase by an average of 10% next year due to higher raw material costs and that steel distributors will rebuild their inventories.
MEPS expects the global steel price index to be at US$809 per ton in 2011, which is higher than the previous estimate of US$795, and is also higher than the forecast of US$733 in 2010.
“The year-on-year increase in prices is mostly due to rising raw material prices,†said Kaye Ayub, an MEPS analyst. Although distributors rebuild stocks, they will push prices up by $20 in the first half of next year.
Ayub added that the price increase will be eased in the second half of next year, partly due to the reduction in the amount of restocking activity expected, and that the stronger US dollar will offset positive growth in other currencies.
MEPS is expected to reach 1.46 billion tons of global crude steel production in 2011 and 1.4 billion tons in 2010.
MEPS expects the global steel price index to be at US$809 per ton in 2011, which is higher than the previous estimate of US$795, and is also higher than the forecast of US$733 in 2010.
“The year-on-year increase in prices is mostly due to rising raw material prices,†said Kaye Ayub, an MEPS analyst. Although distributors rebuild stocks, they will push prices up by $20 in the first half of next year.
Ayub added that the price increase will be eased in the second half of next year, partly due to the reduction in the amount of restocking activity expected, and that the stronger US dollar will offset positive growth in other currencies.
MEPS is expected to reach 1.46 billion tons of global crude steel production in 2011 and 1.4 billion tons in 2010.
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