LONDON (Scrap Monster): Tata Steel will raise its UK reversing mill plate prices on high demand.
The steel producer will boost its heavy plate prices by 95 pounds ($143.1) in the United Kingdom for all orders placed from Feb. 1 as steel demand was higher than expected in 2010 and is forecast to continue to grow in 2011, it said in a statement.
Steel raw material prices also registered a steep increase in recent weeks due to extreme weather conditions in Australia and Brazil, the world's largest producers of key steel making ingredients iron ore and coking coal, Reuter reports.
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