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Sharp increase in steel prices

Rapidly rising raw material costs are driving increases in steel construction prices, says the British Constructional Steelwork Association (BCSA).

BCSA warns that more steel price rises are on the way and says now is the time for clients to act to secure advantageous prices for building frames and other structural steel applications.

Prices from steel makers will have increased by around £190 per tonne for the first half of 2010 once rises announced so far take effect. A £50 a tonne rise in March was followed by a £60 per tonne rise to take effect in May. 

A BCSA spokesman said: “We anticipate that there will be a further increase of £80 per tonne in June.  Hence prices will have risen by some £190 per tonne in the first half of 2010. The price increases are being driven by rapidly rising input costs for iron ore, typically 100%, and coking coal, typically 70%, due to heavy demand for steel in China and India.”

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