Steel consumers in the UK faced a sharp rise in prices for steel products after the start of Russia's special military operation in Ukraine. British metallurgists raised prices due to a surge in energy prices and rising domestic demand for steel.
The war in Ukraine also led some British buyers of rolled metal to look for alternatives to Russian steel mills.
According to Kallanish Commodities, if in February a tonne of rebar used in construction cost £841, this month it is offered at £1,298.
The British steel industry has been claiming import pressure for more than a decade, accusing Chinese producers of supplying underpriced steel.
UK taxpayers were forced to keep British Steel afloat for several months after a default in 2019 before the government found a buyer for the troubled assets all in China.
