The market has reacted to a fall in the containerized and deep-sea scrap export markets to Turkey and the Indian subcontinent.
Trend-indicating grades in the UK such as HMS 1&2 (old steel) and OA (plate and structural) were priced £180-205 ($256-291) and £200-225 per tonne delivered, respectively, on Thursday April 12.
Consumers have settled at prices mostly down by £10 per tonne for low residual scrap grades, which is sought among steelmakers to make specialized products.
The price of cut-grade scrap, much of which is used to make constructional steel such as rebar, is down by about £15 per tonne. Turkish scrap importers are in competition with steel rebar producers in Europe for European cut-grade scrap.
One UK steelmaker settled its orders for cut-grade scrap for deliveries in April with most suppliers, but had to settle with “major suppliers,” it said. “We want a £20 per tonne reduction,...