Steel prices are set to jump by up to 66 per cent this year, top executives and analysts have said, a burst of inflation on a scale the industry has suffered just once in the past 70 years.
In a set of forecasts provided for the Financial Times by 16 steel experts around the world – including six chief executives and 10 industry analysts – projections of the year-on-year rise in prices by the end of 2011 average 32 per cent.
That would make the price of the average grade of steel as defined by Meps, a UK steel consultancy, $970 per tonne by December.
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