The strength of the recovery in the $500bn a year steel industry this year is being put at risk by hefty increases in the price of iron ore, the main trade body for the sector, said yesterday.
Ian Christmas, director-general at the World Steel Association, said that the expected 80-100 per cent rise in the price of the sector's main raw material could have a “negative effect” on the timing of the expected upturn in steel demand.
“Especially in the main developed countries, the recovery [in steel demand] is likely this year to be fragile and many steelmakers are still feeling vulnerable,” Mr Christmas said. “A big increase in the price of such an important part of their costs is a very unhelpful factor.”
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