According to the latest data released by Statistics South Africa, in May this year the country's producer price index (PPI) for the basic iron and steel industry rose 0.4 percent compared to April and was up 7.9 percent compared to May 2012.
The PPI for exported basic iron and steel in South Africa in the given month rose one percent compared to the previous month and was up 0.5 percent compared to May 2012. According to Statistics South Africa, basic metals was the main contributor to the annual decline of 1.1 percent in the PPI for exported commodities with a year-on-year decrease of 4.1 percent in May. However, the 4.1 percent decline was mostly due to the 12.4 percent year-on-year decrease recorded in the PPI for exports of rolled, drawn and folded basic metal products. Meanwhile, in South Africa the PPI for imported basic iron and steel remained stable on both year-on-year and month-on-month basis.