Steel industry Riding the rally
High demand for steel and a shortage of raw materials have pushed up prices, but analysts are wondering how long the good times will last for the steel-makers
Heightened demand for steel has pushed steel prices towards record highs, from $360 per tonne of steel at the start of the year to around $700 per tonne today. Steel industry consultants MEPC International estimate that by 2008 consumption of finished steel will reach one billion tonnes, marking an average annual growth of 3% over the next five years. At the same time, a shortage of raw materials, such as scrap steel and coke, could put limits on the production of steel in the future and push
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