South Africa's largest steel producer ArcelorMittal South Africa (ArcelorMittal SA) has announced its fifth consecutive price hike for 2008, in line with the continuing upward movement in international steel and raw material prices.
ArcelorMittal SA spokesperson Tami Didiza said the company would increase its flat steel prices by five percent in June but that the latest price hike would not affect the price of long steel products.
In May, steel prices increased by an average of 18 percent, following a price hike of between 15-25 percent for both longs and flats in April, and an increase of between 10-12 percent in March.
The company attributed the rise in steel prices to soaring prices for inputs, particularly iron ore and coking coal.