South African mill Iscor hikes prices

South African mill Iscor hikes prices

According to recent news in the market, South African steel producer Iscor determined to increase steel prices by 6% to be in effect as of April 1, 2004. The price increase is stated to be effected depending on the strong demand in China, together with the soaring input costs, such as freight rates, coke and iron ore prices. An official from Iscor also stated that, with the new increase, the prices have reached to the levels of international prices. However, it is reported that the prices of certain products are 45% higher than the international prices. Meanwhile, there is a rumor in the market that, Iscor will implement a further 16% increase to its prices in May.