The steel industry will face permanently higher costs and will lose competitiveness compared with other materials as a result of a new pricing mechanism for iron ore, the head of the World Steel Association said yesterday.
Paolo Rocca, chairman of the steel body, said steel prices would be consistently higher as a result of the move to spot market pricing and the industry would also face considerably higher volatility, which would make it more difficult to plan investments.
“We will have no alternative but to try and transfer some of the increase in costs to customers,” he said. As a result, steel would inevitably face tougher competition from aluminium, plastics and other materials that can be used in its place.
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