A recent report has revealed that Steel prices are set to soar by about 60% over the coming year, which may provide a boost for some firms in Birmingham and the Black Country, but may also contribute in a rise in metal thefts in the area.

Industry experts are expecting to see the largest jump in the cost of steel since the 1940’s, however the rise may hurt manufacturers and factories who rely on the material, while benefitting companies who use sell raw steel materials.

It may also act as a draw for thieves, who have been more prominent in the area in recent times. Figures show that there were 600 thefts over the summer in the Black Country last year, a 240% rise on 2009, and this trend looks set to continue.

The price rise is believed to have been caused by demand in the Middle East combined with the Australian floods shutting down coal mines needed in steel production.