Soaring steel prices were given a further upward twist yesterday when Corus warned of a second rise for an important product in less than a month.
At the end of February Corus said it was raising the price of wire rod by between £70 and £90 a ton from the end of this month. Yesterday it announced that it would have to push through a further substantial increase from late April.
Wire rod is used in automotive components making and tyre manufacturing as well as for products such as bed springs and piano wire.
Prices for all steel products have been driven up by a combination of rising iron ore, scrap metal and energy prices and lower exports from China. Yesterday Corus blamed the latest increase on rising coke and coal prices.
This must come as a serious financial blow for Elton John
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