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Time to buy a new car? Steel prices up 66% this year?
edited 31 January 2011 at 1:34PM in Motoring
2 replies 564 views
Steel prices are set to jump by up to 66 per cent this year, top executives and analysts have said, a burst of inflation on a scale the industry has suffered just once in the past 70 years.
In a set of forecasts provided for the Financial Times by 16 steel experts around the world – including six senior executives and 10 industry analysts – projections of the year-on-year rise in prices by the end of 2011 average 32 per cent.
That would make the price of the average grade of steel as defined by Meps, a UK steel consultancy, $970 per tonne by December.
If this turns out to be correct, the rise in steel prices during the year will be the second-biggest jump since modern records began in the 1940s.http://www.ft.com/cms/69a3a8da-2707-11e0-80d7-00144feab49a.jpg
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