06 Apr '11, 3pm

Japan's reconstruction efforts to push steel prices higher

Japan's reconstruction efforts to push steel prices higher

SINGAPORE : Experts have said the reconstruction of Japan's tsunami-affected areas will push steel prices higher in the long-term. This is on top of robust demand for steel coming from infrastructural works in China and India. Demand for metals like steel and copper, which are commonly used in construction materials, has also outpaced supply. And experts said this trend will continue. Steel prices reached US$822 per metric tonne on Tuesday, a 14 per cent rise since the start of this year. Now that the Japanese government has pledged more than US$35 billion towards reconstruction efforts, experts said this may prop up steel prices even higher going forward. They expect steel prices to grow by 30 to 60 per cent this year. Joseph Carrabba, chairman of Cliffs Natural Resources, said: "Right now Japan has been a net exporter of steel, to the tune of about 30 million tonnes a ye...

Full article: http://www.channelnewsasia.com/stories/marketnews/view/11...

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