Steel, iron, and chrome ore prices to rise

Steel, iron, and chrome ore prices to rise. The recovery in industrial activities in US, EU, China, Japan, India, Russia and Brazil is good news for the steel, iron and chrome ore sector. This is also evident from the increase in steel production from the lows of last year. The President of Albanian Minerals in NY, USA and Bytyci SHPK Tropoje said that "Globally, the demand for steel, iron, chrome ore has improved partly due to recovery in industrial activities in US, EU, China, Japan, India, Russia and Brazil. "Most of the inventories of metals were depleted and people are once again buying metals, copper, steel, chrome ore, iron, coal, aluminium, and nickel to build their inventories led by marginal recovery seen in the end user industries." Mr Mujaj said Albanian Minerals in Albania, NY, Turkey, India, China, And Brazil have receive in last 3 month 10% more inquiries from companies to buy more, cooper, iron, chrome, nickel, aluminium and ferro chrome". "As World's economies improve and steel stocks may run down, steel demand is forecast to rise about 10% this year. Global steel output had fallen 8% in 2009 as key industries such as automakers and construction slashed purchases. "Prices are not expected to move up fast as demand is yet to pick up on a sustainable basis. Steel companies also believe that only if chrome ore, coking coal and iron ore prices move up sharply then prices will move higher. "A steady increase in steel consumption is predicted for 2010- 2015 as government schemes get underway. Prices are, therefore, forecast to advance in 2011. Larger price improvements are forecast for chrome ore in 2011 -2012 as a recovery in the world economy commences." Albanian Minerals