By BERNIE CAHILES–MAGKILAT
Domestic steel manufacturers are adjusting upward their prices this month due to high cost of imported raw materials following a tight global supply situation.
For instance, producers of galvanized sheets and other steel roofing materials have to raise prices by about 10 to 15 percent within the month.
The very tight supply of steel materials from foreign mills i.e. in Japan, South Korea, Taiwan, China and some European mills has caused global steel prices to surge.
According to the domestic steel industry, hot rolled coils (HRC), material used to produce cold rolled coils, pipes, tubes, cpurlins and structural members are priced currently at US0 to 0 per ton freight on board (FOB) against 0 from the 4th quarter of 2005.
Cold rolled coils (CRC), which comprised 75 percent of total components in the manufacture galvanized sheets and as material for fabricators, appliances and vehicle assembly are now fetching a price of US0–US0 per metric ton from the same mills.
These prices are 50 percent more than that in the last quarter of 2005.
Local manufacturers said they are not sourcing their supply of CRC from Global Steel Philippines in Iligan due to quality concerns.
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