As we forecast last month, the global upswing in the steel industry has pushed up prices of all steel products and galvanized has moved up in line - a trend that we expect will remain in place through the first quarter. Raw material prices continue to remain elevated as steel mills secure iron ore, coal and ferrous scrap and increase output in order to meet higher order levels. Nevertheless, we continue to be reluctant to commit to an extended upswing given the plentiful spare capacity and ongoing weakness in global markets, although Asia for now remains the most positive region in terms of construction activity - led by China and India.
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