China suffers high steel prices

Chinese shipbuilders are having to incur a sharp increase in thick steel plate price. According to China Steel Industry association, the price per tonne of thick steel plate produced by Chinese steelmakers was around CNY 2,500 in May 2003 but increased to CNY 5,500 per tonne as at the end of 2004. Furthermore, imported steel plates recorded a price hike from $260 per tonne to $ 750 per tonne in the same period.