Thailand is bracing for the impact of expensive steel in the global market after prices rose by more than 10% following the outbreak of war between two of the world’s major steel exporters — Russia and Ukraine.
The price of steel billet in the global market increased to around US$800 per tonne, up from $650 per tonne, in just one week, said Pravit Horungruang, a committee member of the EAF Long Product Steel Producers Association.
“Steel prices will fluctuate greatly because the conflict is not expected to end anytime soon while global oil prices continue to increase, which will affect supply chains,” he said.
Global steel consumption is expected to drop in the short term because the war has led to “global demand shock”, said Mr Pravit.
Large steel factories…
