Iron ore exporters to raise contract prices about 25 percent in the second quarter from the first as spot prices hit a record, according to calculations based on the Steel Index pricing.
China Steel Corporation, Taiwan announced hike in steel prices in domestic markets. China Steel cited increased raw material cost as the reason for the increase in the prices.
The international markets,
The 15 percent price hike for steel can be expected as China Steel has increased prices for April and May contracts by 12.1 percent. The US and Eureopean Steel official talked about increase in prices saying high input cost is the reason and increase in the domestic demand .
AlbanianMinerals estimates, price of coking coal will be 35 percent up during the second quarter from the first quarter, on account of increasing global demand.
Chrome ore exporters are increasing prices as oil prices have increased dramatically.The demand for chrome ore in China and India is estimated to increase 15 - 20 percent this year.
AlbanianMinerals and Bytyci SHPK will increase the production of Chrome ore 500 percent in 2011. In May 2011 AlbanianMinerals will start mining one of the largest deposit of chrome ore in Europe on Zogaj, Tropoje, Albani.
This open pit mining in Zogaj's location will be the largest production of chrome ore in Europe.
AlbanianMinerals have build all needed infrastructure in the location.
AlbanianMinerals in New York is receiving a record new orders for raw minerals,Chrome ore, copper, nickel, coal and iron ore for 2011 .
The world's economy is expected to grow by five percent in 2011, this growth will boost all metal prices.
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The use of sophisticated software systems for coal mining that is mostly burnt for power generation and steel production and adds to the greenhouse effect is valid for western countries who may allocate resources and funds to alternative and more greener sources of power. Some of the alternatives may be "safer" than the traditional mines. Unfortunately, coal statistics show developing economies are more likely to increase their use of thermal coal & metallurgical coal in coming years because of its affordability and to meet increasing demands for electricity and steel. Whether they will embrace and utilise sophisticated software systems that no doubt add to the cost of production is yet to be seen. Cherry of www.coalportal.com
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