Petroleum Africa
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Wednesday, March 10, 2004
South Africa’s biggest steel maker, Iscor, is under criticism from the offshore oil industry for the proposed rise in steel prices. South Africa’s offshore oil industry has called on the country’s government to intervene in Iscor’s intent on increasing its steel prices.
Iscor said on March 8 that it intended to raise its flat steel prices by between 7-15% during May and June. The announcement of the increase in prices for May and June came just days after the company announced that it would be raising April prices by 6%. According to the company, an unprecedented rise in international steel prices was behind its increase.
Steve Hrabar, Chairman of the Offshore Oil and Gas Committee told delegates at the Oil Africa conference in Cape Town that the committee would recommend talks between government and Iscor on the proposed price hikes. "We just can’t accept steel price increases of 30 percent year-on-year. We were uncompetitive in the past and we will be more uncompetitive in the future." He said South Africa had potential to become a servicing hub for the fast expanding West African oil and gas industry, provided prices, including steel prices, remained competitive.
Iscor Marketing Development Manager Jan Barnard defended the price hikes saying its steel was priced and marketed on an internationally competitive basis. "International steel prices have gone up in the past two weeks by in the region of $100 a ton, we haven’t put up our prices yet by a $100 a ton," he said.
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