Dealers who have accumulated metal gates and other scrap are being subject to a new investigation from HM Revenue and Customs (HMRC).

It is targeting those in Scotland who have failed to pay the right amount of tax, or have inflated their expenditure in order to minimise their liability.

David Gauke, the Exchequer Secretary, commented: "This taskforce will come down hard on scrap metal dealers and their customers or suppliers who have chosen to break the rules or deliberately evade the tax they should be paying."

He noted that the taskforce had been established as part of the government's £917 million spending review to tackle tax evasion, fraud and avoidance.

The latest data from MEPS shows that steel prices all over the world fell throughout October as buyers remained reluctant to place orders due to financial uncertainty.

It also believes that the falling price of iron ore could have a bearing on prices.

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