The sideways moves in UK prices consolidate a jump of £20 per tonne in February. This came after European export prices to key destination Turkey rallied by around $50 per tonne, while sales prices to India climbed by more than $25 per tonne, between mid-January and mid-February.
European export prices then fell from the middle of last month before recovering in early March.
The prices of trend-indicating grades in the UK such as HMS 1&2 (old steel) and OA (plate and structural) were £140-165 ($184-217) and £160-185 per tonne delivered respectively on March 14.
“It was a relatively straightforward settlement in the end,” one consumer told Fastmarkets.
“The recovery in export prices has stabilized and there is balance now between supply and demand in the UK, which at this...