A late flurry in Turkish demand, added to steady demand from Asia and the effects of exchange-rate movements, bolstered the UK market, they added.
The market had initially looked as if prices would drop by £5-10 per tonne at the start of negotiations, but more buoyant market sentiment about UK exports in June gave support to the suppliers.
Trend-indicating grades in the UK such as HMS 1&2 (old steel) and OA (plate and structural) were priced £180-205 ($241-274) and £200-225 per tonne delivered, respectively, on Wednesday June 13.
“A couple of weeks ago, there was talk of [prices going down by] about £5 [per tonne], but the stronger dollar versus sterling has encouraged suppliers to hold their prices because UK exports should be more attractive,” one scrap supplier said.
“Also, there has been steady business to the Indian subcontinent despite the observance of Ramadan, when market activity in Muslim countries is usually quiet,”...