Global Steel price surge to continue

LONDON (Scrap Register): Global flat steel product selling figures have been on an upward trend throughout 2016, according to MEPS research.
Substantial hikes are anticipated when negotiations between mills and customers are concluded, in December. 
Further strong gains are likely in the first quarter of 2017. Spot coking coal prices have more than tripled to top US$300 per tonne in recent months, while iron ore values are fluctuating in the US$70-80 per tonne range. 
Due to the large rises in raw material expenditure, steelmakers are making concerted efforts to lift their selling figures. 
With competitively-priced imports unavailable in many Western nations, buyers are liked to accept the higher prices tabled by their local steel producers in order to secure sufficient material.