Local producers have filled their order books until May, they added.
The price rises in February resulted from increasing prices for raw materials after the rupture of a tailings dam at Vale’s Feijão iron ore mine in the city of Brumadinho, in the state of Minas Gerais in Brazil.
One consequence of the accident will be a reduction of 40 million tonnes per year in iron ore production, and recognition of this led to price increases for all steelmaking raw materials.
Fastmarkets’ daily index for Northern Europe-origin HMS 1&2 (80:20) scrap material, for example, was calculated at $311.53 per tonne cfr on March 5, up from $297.39 per tonne cfr on February 1. It had been as high as $324.72 per tonne on February 8.
As a result, flat steel prices in Turkey started February with increases, but most prices fell back in the second half of the month because of weak demand and...