Bank: Steel prices up another 10% over last month

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Friday, May 9, 2008

Over the last month the average price of steel products, mainly wire rod and rebar, on the Mexican market has increased nearly 10%, analysts with Mexican bank IXE said in a report.

The price of steel products in Mexico has leapt almost 60% since the beginning of the year, IXE said.

Increased energy, iron ore and transportation costs have pushed the prices up.

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Analysts previously forecast much lower increases for 2008 in Mexico, of around 6-7%, though local steelmaker Ahmsa (BMV: AHMSA) announced in December it would raise prices 30% this year.

Steelmakers in Mexico also include Luxembourg's ArcelorMittal (NYSE: MT), Brazilian Gerdau (NYSE: GGB) and Latin American steel group Ternium (NYSE: TX) with Hylsa and Imsa.