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15 January 2010

Indonesian steel giant sees bright outlook

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Indonesia’s state-owned steel producer PT Krakatau Steel is upbeat that the industry will pick up its pace in 2010, after seeing sales decline in past years, the Jakarta Post reported.

Krakatau Steel’s marketing director Irvan K Hakim said in a press conference on Thursday that prices of steel products were estimated to continue to increase through to the end of June this year on the back of stronger demand and higher commodity prices.

“Iron ore prices will increase by 30 to 40 percent this year,” he said, adding that scrap prices were also predicted to grow as one of its largest markets, the United States, sees its economy recovering.

Another factor that will help boost domestic steel prices is the predicted hike in freight costs.

Krakatau Steel now targets to increase its production to more than 2.8 million tons of finished products, from last year’s 2.4 million tons, as domestic demand is expected to grow. Last year Indonesia produced 4.5 million tons of steel.


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