In a talk with newsmen, Tanedo explained that a projected tin can price increase in August last year of five percent did not materialize and instead even went down due to the drop in tinplate prices worldwide.
However, this year, Tanedo said, steel prices have increased due to increased global demand which was fuelled largely by a strong demand from China and India.
The increased demand has even led to a shortage of supply so much so that there is no inventory left.
Thus, if tinplate prices increase, tin can manufacturers may finally be forced to effect an earlier projected price increase of P3.30 per can plus another 10 centavos to P3.40 per can.
Tinplates is the raw material for tin cans and tin cans are used for processed canned goods.
However, Tanedo made a distinction between ordinary tin cans and sanitary, food grade tin cans.
He pointed out that 40 percent of general line tin cans are used for such products as motor oil, chemicals and paints, while 65 percent to 70 percent are used for processed food.
Tanedo, along with other members of the Philippine Iron and Steel Institute (PISI), yesterday held a press conference to air their concerns and to promote a forthcoming international steel conference in Cebu next month.
The Philippines will be hosting the 2006 Annual Conference of the South East Asia Iron and Steel Institute (SEASI) from May 15 to 17, giving the country the opportunity to show the world that the Philippines is still stable and open to investment, according to Wellington Y. Tong, president of PISI.