Soaring global steel prices push up engineering costs

According to Thailand's Chinanet on April 21, driven by the overall growth of global steel demand, the price has soared by two times year-on-year, and the current quotation has reached a new high of $1400 per ton. China and Japan's purchase of large quantities of iron ore may affect Thailand's special steel production, which may further push up the project cost by 37.5%.

Last year, the lowest quotation of global steel price was only US $420 per ton, but now the quotation is as high as US $910-925 per ton, which has more than doubled. Hot rolled steel prices in the U.S. domestic market have soared to more than 1400 U.S. dollars. The rapid rise in steel prices is partly due to the global economic recovery. The two major economies, the United States and China, have introduced measures to revitalize the economy through infrastructure investment.

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