Rally in steel prices has further to run on 'unprecedented' conditions

South Korea's Posco reported earnings on Wednesday that suggest global steel companies are due another round of bumper profits

The rally in steel prices has further to run due to China’s crackdown on output and ‘unprecedented’ conditions for synchronized global growth, according to the managing director of Japan’s biggest producer of recycled steel.

China’s benchmark for hot-rolled steel could approach $800 a tonne this year, a level that would be 25 per cent higher than current prices, said Kiyoshi Imamura of Tokyo Steel Manufacturing Co, even after more than doubling in the past two years as top producer China cut capacity. “I’ve been working in the steel industry for nearly 40 years, but I’ve never seen such simultaneous worldwide