The steel price has fallen very strongly in February 2011. Currently, the steel price is $ 520.50 per tonne in the spot market. The price per tonne for delivery in in three months is at $ 539.00. At the start of 2011, steel prices had scratched the mark of 610 dollars per tonne. Since then, prices have fallen by 60 dollars and steel has experienced a performance of -9.85 percent.
However, few economists and analysts expect a further decline in steel prices. The robust economic development in the United States, China and emerging countries like India and Brazil to justify a new tightening steel prices. So is U.S. gross domestic product (GDP) expected to increase this year by +3.5 percent. For the second-largest economy, China is forecast to increase GDP of more than eight percent.
strong euro
The enhancement of the European common currency has facilitated the development of steel prices in the euro area based steel consumers in recent weeks. Thus the euro dollar rate of EUR / USD climbed 1.29 to 1.39 between 10 January 2011 and the 2nd February 2011. Currently there is the euro exchange rate at 1.36 dollars. So that the ton of steel costs the equivalent of € 382.72 in the spot market.
especially at the start of the flood had kindled in Australia, the steel prices. Something like that were three-quarters of the coal mines in the flooded state of Queensland still. The feed coal is particularly important in the Production of steel. The reduced supplies from Australia who can get the price per ton of steel in two months by more than 100 €.
Since June 2010, the steel price development is in a consistent upward trend. The spot market price rose from just under $ 400 to $ 585 in seven months (+46.25). In recent weeks, the steel price in the spot market bounced twice after at a technical resistance zone between 580-585 U.S. dollars below. Chartists expect a continuation of the uptrend when the price should break this resistance.
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