November 20, 2008

Strong demand from Middle East to keep global steel prices up

Analysts said that, in the near future, global steel prices will continue to rise continuously, triggered by hectic infrastructure construction in oil-producing countries of the Middle East.

Analyst said that the volume of consumption of steel in the Middle East area accounts for 3.2% of the world total and 58.2% of Middle East steel consumption depends on imports.

Besides, steel mills would not drop their prices before operating costs would be reduced by falling iron ore and oil prices.

(Sourced from YIEH.com)