The move follows nearly six months of price falls during which time prices slid back by around 20% from their recent peak at the turn of the year.

In a letter to stockholders and steelwork contractors, the steel producer blamed sustained high levels of raw material input costs over recent months.

One source told the Enquirer: “There appears to be a general view that after the recent falls prices have bottomed out now.

“It looks like the price of steel is on the rise again.”