Tata Steel is to raise transaction prices for reversing mill plate by £90 per tonne effective on all orders placed from February 1 2011.
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.”
In addition, the rise in steel consumption and the recent extreme weather conditions in Australia and Brazil have led to higher spot prices for key inputs such as iron ore and coking coal. Tata Steel will continue to monitor the situation as the full impact on raw material availability and prices becomes clear.
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About Tata Steel in Europe
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.