According to the basic scenario of oil price dynamics issued by Russia's Ministry of Economic Development in its forecast of socio-economic development for 2010-2013, average steel prices in 2010 will increase by 23.45 percent year on year from $405/mt to $500/mt, following the scenario of world oil prices.
"The steel market in 2010 and following years will be influenced by the general recovery of the world economy and industry, and particularly by the situation in China, which is the biggest steel consumer. The rapid growth of the construction sector in China, the launch of ambitious infrastructural projects in India and other developing countries, allows us to speak of favorable prospects for the steel market up to 2013, even considering the possible slowdown of world growth rates," reads the ministry's statement.
Meanwhile, according to Russia's Ministry of Economic Development, average steel prices in 2011 will increase slightly to $510/mt, while they could reach $530/mt in 2012 and $550/mt in 2013.