According to MEPS research, an organization that provides an analysis of steel market prices throughout 28 countries on five continents, including the US, international flat steel product selling figures have been on an upward trend throughout 2016. Substantial hikes are anticipated when negotiations between mills and customers are concluded, in December.
Further strong gains are likely in the first quarter of 2017. Spot coking coal prices have more than tripled to top USD $300 per tonne in recent months, while iron ore values are fluctuating in the USD $70-80 per tonne range. Due to the large rises in raw material expenditure, steelmakers are making concerted efforts to lift their selling figures. With competitively-priced imports unavailable in many Western nations, buyers are likely to accept the higher prices tabled by their local steel producers in order to secure sufficient material.