Gartmore: steel prices still buoyed by EMs

The spot price of hot rolled steel coil, steel rebar and plate has risen in 2008, in spite of slowing demand from the US auto and construction sectors. This trend is being more than offset by the expansion of demand from emerging markets. BRIC countries accounted for 40pc of steel usage in 2006, according to the International Iron and Steel Institute. It forecasts this figure will increase to 45pc in 2008, driven by large scale investment in infrastructure. Demand rose 13pc in China, Russia and Brazil alone, last year. Awdry said: "China is the world's largest steel producer, followed ...