Steel price spike due to unanticipated rise in demand: S&P Global Platts Keith Tan said the customs duty exemption announced in Budget 2021 could give India’s national scrap policy a boost by exposing buyers to greater volumes and varieties of scrap from various origins, which would compete with and spur the domestic scrap collection and processing industry. February 03, 2021 / 05:21 PM IST The spike in steel prices is due to supply shortages as steelmakers had not expected demand to bounce back so rapidly, Keith Tan, Senior Pricing Manager- Metals at S&P Global Platts told Moneycontrol. "A part of it (price rise) can also be attributed to a recovery in raw material prices, led by strong demand from countries like China and India,” Tan said.