20:31 26 March 2020
Steel prices soar: daily
Steel distributors have been able to count on an unexpected windfall in the form of profits, despite car and household appliances production units closing down, according to an analysis published by the Puls Biznesu (PB), a Polish-language newspaper devoted to business and economic issues.
Polish steel mills have taken the place of suppliers from Italy and China on export markets, the daily has stated, adding that, besides the low level of competition, a weaker Polish currency favors Poland’s steel industry.
“Polish steel mills are entering the markets previously occupied by China or Italy. Distributors, though apprehensive, are counting profits for now. Many European automotive factories and home appliances manufacturers have stopped production due to the pandemic. Still, the prices of metal sheets used in these industry segments are growing dynamically, like other steel products,” the newspaper informs.
As an example of increases, the article mentions the price of ribbed bars on the German market. Currently, it costs PLN 2,250 per tonne, while up until recently it was PLN 1,950, reports PB.
(Puls Biznesu)
