Price rise from South African Iscor

Price rise from South African Iscor

Sources in the market report that the South African steel producer Iscor Ltd. is increasing domestic steel prices by 14.9% in September. In order to bring domestic prices in line with the international markets and keep up with the dollar based input cost increases at the same time. The international market prices have reached $265/mt levels with the recent surge after a period of seeing the 30 year low levels, putting serious pressure on the corporate margins. Upon this price increase news the domestic demand has risen and in order to meet this demand from South African steel users Iscor Ltd. is diverting some of the export allocation into the domestic market and also providing an additional 10'000 mts of HRC supply per month from Saldanha Steel.