According to Reuters, spiraling coal prices are set to hit the Steelmakers in May or June, when new long term contracts have to be negotiated. Prices for hard coking coal have more than doubled in the last year.
In the past few days Indian steelmakers have announced further price increases despite the Government intervening on behalf of consumers, with a request to reduce prices.
I here today, that after recent price hikes on sections and reversing mill plate, that Corus are hinting at an increase as high as £75 per tonne on strip mill products.
It's difficult to see when the increases are going to end!