ArcelorMittal’s chief executive officer Lakshmi Mittal

ArcelorMittal’s chief executive officer Lakshmi Mittal “One of the main reason for the rising price for scrap metal is the harsh weather conditions in the U.S. and Russia,” he said, adding that flood-hit eastern Australia affected the coalmines and caused “a great loss in production.”

“I do not expect a rise by 60 percent in steel prices in this year” said. Kerem Vaizolu, export manager of Ekinciler Iron and Steel Ind., a firm that ranked among Turkey’s top 100 manufacturing firms according to the Istanbul Chamber of Commerce, or ICOC. “Prices could rise due to rising demand caused by the automotive industry and construction sector,” he said, adding that even so it would not reach $1,000 per ton.

One of the world’s biggest steel makers, ArcelorMittal’s chief executive officer Lakshmi Mittal said the steel maker is seeing a recovery in global demand, led by consumers in developing countries, in a Bloomberg interview at the ongoing World Economic Forum in Davos, Switzerland. “Steel makers are counting on strengthening sales in Asian nations such as India and China as costs for coal and iron ore, used to make the alloy, advance,” Mittal said.