March contracts were up by £10 ($12) per tonne after dropping by £25 per tonne in February
, which partially reversed the increase of £35 per tonne achieved over the three months to January
While some March monthly deals were settled as much as £15 per tonne higher, most deals were reported at £10 against higher European export prices into Turkey and the Indian subcontinent early in the month. Turkish import prices have since fallen due to weaker sales for Turkish rebar and other long steel products. Typically, Indian importers track what happens in scrap prices into Turkey, as well as factoring in their own domestic and export steel market demand.
“UK domestic markets have held off settling prices until the last few days citing internal issues and late completion of February contracts,” one United Kingdom-based supplier source said. "However, our view is that they have held back to let the...