Firm UK market fundamentals also supported higher prices, the sources added.
But, after last month’s gains, a fallback in European prices to Turkey so far in July has resulted in some UK deals being agreed at lower prices, and there has even been pressure from some consumers for a rollover in this month’s prices.
Market sentiment suggests that any price increases achieved in July may be trimmed back for deliveries to UK consumers in August, if Turkish import prices continue to fall over the next few weeks.
Trend-indicating grades in the UK such as HMS 1&2 (old steel) and OA (plate and structural) were priced £185-210 ($245-278) and £205-230 per tonne delivered, respectively, on Thursday July 12.
In terms of ferrous scrap exports from Europe, the price for HMS 1&2 (80:20), cfr Turkey has fallen by about $13 per tonne so far in July. The price had jumped by around $24 to $352.18 per...