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Arab steel prices 'hard to maintain'
10 Mar 2010
Value rises in iron ore and scrap metal have caused higher prices, with several increases since the start of 2010, reports Reuters.
Roberto Rubini, a regional manager at traders Coutinho & Ferrostaal, warned raising prices would not work without matching demand and the reluctance of Chinese firms to purchase makes the move unhelpful.
The vice-president of procurement and logistics at Saudi firm Attieh Steel, Bilal alk-Sheikha, said: "Demand is weak and costs too high. There is risk in China, which aims to control growth."
Consumption from Arab countries is expected to increase by ten per cent this year to 41 million tonnes, the news source says.
Yesterday (March 9th), Al-Marazi Al-Youm reported sales of steel in Egypt had fallen by 70 per cent in a week despite reduced prices.
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