§ 83. Mr. Stokes
asked the President of the Board of Trade whether he is aware that there is no necessary connection between the price of pig iron and the prices of scrap iron and steel, which are not raw materials; and what advice he received from the scrap merchants before deciding on the recent increase of steel scrap from 151s. to 201s. per ton and cast iron from 118s. 9d. to 138s. per ton.
§ Mr. Low
Pig iron and scrap are raw materials for the production of steel and of iron and steel castings, and they are substantially interchangeable. The Board of Trade did not consult scrap merchants before the decision was taken to increase the maximum prices of scrap. As required by Section 10 of the Iron and Steel Act, 1953, the Board of Trade consulted the Iron and Steel Board.