Weaker export prices drag down UK domestic scrap price settlements

Prices in the UK ferrous scrap market for monthly deliveries to consumers in October have settled with price falls of £40 per tonne compared with September’s settlements, trade sources told Metal Bulletin this week.

The move follows steady losses in September’s import prices in Turkey, a key export market for British steel scrap. Trend-indicating grades in the UK such as HMS 1&2 (old steel) and OA (plate & structural) are now priced £155-180 ($204-237) and £175-200 ($231-264) per tonne delivered, respectively. “The UK market has been under pressure since Turkish import market prices started falling last month,” one source told Metal Bulletin. “The UK domestic market has had to respond in kind, and also because British steelmakers appear to be fairly well stocked with scrap, which...

Published

Declan Conway

October 11, 2017

17:12 GMT

Galway