The market last moved in February when an increase of £20 ($26.15) per tonne was agreed between scrap suppliers and consumers in the steel sector. That increase followed a rally of around $50 per tonne in European steel scrap export prices to key export destination Turkey. Although prices from Europe into Turkey have dropped in the past few weeks, there is enough support in the UK domestic market to counteract any potential impact, sources said.
Moreover, there has been sustained support for European steel-scrap export prices into another major destination, India.
Fastmarkets assesses the price of trend-indicating grades in the UK such as HMS 1&2 (old steel) and OA plate and structural (P&S) scrap.
Fastmarkets assessed the UK domestic ferrous scrap HMS 1&2 price at £140-165 per tonne, delivered, on...