With just a day to go, many experts say that the improved prospects for the steel industry may mean a higher price for Corus. CNBC-TV18 reports.

Many of the doom and gloom scenarios, which the steel industry had expected for this year, have been lifting in recent weeks. Experts who thought that the early 500 pence would be the most that is right for Corus are now revising their numbers upwards.

Global steel consultant, Mike Mytton, says, "There are differences now in the steel market from when the process started and the present expectations anyway. People were rather gloomy about the steel market for 2007 back in October-November when the bidding process started, but they are much more optimistic now. So that gives some reason for a higher price."

A comparison with what Mittal paid for Arcelor, combined with better prospects now, are beginning to add up to a considerably higher price for Corus.

Patrick Flockhart, managing director, Steel Business Briefing, says, "Mittal, on a rough basis, paid about $725 to $726 a tonne for the capacity of Arcelor. So on that basis on a share price you could say Corus could be sold for round about 5 pounds 95 a share … maybe six pounds a share on a rough and ready basis. So there is room for the bidding to go up from the current level therefore of 5 pounds 15 pence."

Mittal paid a high price given a bleak scenario, and the present outlook could warrant an even higher price.

Flockhart further adds, "Overall the steel industry is in good shape, and you can certainly say it is in much better shape than when Laxmi Mittal launched his bid for Arcelor."

And both bidders are looking beyond immediate value to long-term benefits.

Mytton says, "This meeting of good companies but with poor market growth prospects and low cost companies with high market growth prospects is a big synergy really, and will make a difference to both companies."

The New Year has a right outlook for the steel industry. That means there is that much that they can pay for and play for in the bidding for Corus, the valuation for the company has risen and the bidding will rise accordingly.