A persistent increase since the second half of October in the scrap import price into Turkey, a key export market for British steel scrap, was a major driver in settling December contracts, most sources said.
One source said that an increase to around $30 per tonne on freight costs to Turkey, from about $22 per tonne a few weeks ago, was also a factor.
Some suppliers said that firm demand in the export markets to Turkey, as well as to the Indian subcontinent, has tightened the availability of scrap at major scrapyards in the UK. For their part, consumers said that they have relatively ample supplies obtained via monthly deliveries, with only small volumes needed on a supplementary basis.
Trend-indicating grades in the UK such as HMS 1&2 (old steel) and OA (plate &...