Steel Prices Nearly Doubled In Past Year

05/05/2008 05:12 am ET | Updated May 25, 2011
  • Chris Flood Financial Times

Steel prices have almost doubled in the past year as steelmakers have passed big increases in the costs of iron ore and coking coal on to consumers.

The jump threatens to create fresh problems for manufacturers and stoke inflationary pressures in emerging markets where demand is high, driven by urbanisation in China and infrastructure spending in the Middle East and elsewhere in Asia.

It comes as the London Metal Exchange starts trading steel futures on its floor today after trials on its Select electronic system. The launch could help drive trading volumes far higher.

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