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Tata Steel to Raise Heavy Plate Prices on Strengthening Demand
02/02/2011 - Tata Steel has announced it will raise transaction prices for reversing mill plate by £90 per tonne, effective on all orders placed from February 1, 2011.
Tata Steel has announced it will raise transaction prices for reversing mill plate by £90 per tonne. The increase is effective on all orders placed from February 1, 2011.
The company said the increase is the result of higher-than-anticipated international steel demand in 2010 and expected continuing demand growth this year.
“All plate consuming industrial sectors are showing improvement and lead times from our mills are extending,” said Paul Parkins, Commercial Manager, Plates for Tata Steel in Europe. “Global production of steel in 2010 was 1.4 billion tonnes, an increase of 15% year-on-year, 50 million tonnes more than forecast. Industry analysts expect this growth to continue throughout 2011, with a further 6% increase in demand bringing production to 1.5 billion tonnes.”
Tata Steel noted the rise in steel consumption and the recent extreme weather conditions in Australia and Brazil have also led to higher spot prices for key inputs such as iron ore and coking coal. The company said it will continue to monitor the situation as the full impact on raw material availability and prices becomes clear.
The European operations of Tata Steel (formerly known as Corus) comprise Europe's second-largest steel producer. With main steelmaking operations in the UK and the Netherlands, the company supplies steel and related services to the construction, automotive, packaging, material handling and other demanding markets worldwide.
Tata Steel is one of the world’s top-ten steel producers. The combined group has an aggregate crude steel capacity of more than 28 million tonnes and approximately 80,000 employees across four continents.
