UK FERROUS SCRAP: Prices for May drop in line with export market

The UK ferrous scrap market for deliveries to domestic consumers in May has settled at prices lower than a month earlier, matching losses reported in the export market, trade sources told Fastmarkets on Wednesday May 15.

Export prices have fallen in line with weaker sales into the key destination of Turkey, they added. Most UK deals for May deliveries to domestic consumers have been settled at £15 ($19) per tonne below April settlements, after some deals were initially done at £10-12 per tonne down in the same comparison. The general move lower in monthly delivery prices came as the British export market showed losses because of persistently weaker prices for European steel scrap into Turkey. The latest UK monthly consumer settlements marked a move in prices for the first time since February this year, when an increase of £20 per tonne was agreed between scrap suppliers and consumers. That increase followed a rally of around $50 per tonne in European steel scrap export prices to Turkey. European scrap import prices into Turkey have fallen by more than $20 per tonne since the UK domestic market was assessed by Fastmarkets on...

Published

Declan Conway

May 15, 2019

17:18 GMT

Galway