Steelmakers Mycron Steel and Ornasteel say rising cost of raw materials has compelled them to raise the prices of their products for the next quarter. DOMESTIC end-users across all industries, including manufacturing, construction and automotive, may have to pay as much as US$200 (RM644) a tonne more for flat-rolled steel products in the second quarter of this year because of higher cost of raw materials.Major domestic steelmakers such as Mycron Steel Bhd and Ornasteel Holdings Bhd said that rising cost of raw materials like iron ore has compelled them to raise the prices of their products for the next quarter.This comes in the wake of recent reports that said Japanese steelmakers, led by Nippon Steel, have agreed to a 65 per cent increase in annual iron ore prices from April 1 with miners Vale and Rio Tinto. Read more>
(New Straits Times 23-2-2008)
