UK SCRAP: Light iron market climbs on higher demand, lower availability

The UK’s light iron market picked up over the week ended Friday May 24, gaining back some of the losses made earlier this month when the cost of British exports to Turkey went down, with domestic demand and relatively tight availability prompting higher offer prices in the UK, sources told Fastmarkets.

Fastmarkets’ weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was £85-105 ($108-133) per tonne on May 24, up by £10 per tonne from May 17. Some market participants said that there had not been much of a change in UK domestic scrap prices while Turkish import prices recovered. But some traders and consumers said that there was stiffer competition for scrap among major British processors. Typically, major processors demand a high rate of intake because their equipment requires high volumes of scrap to make them cost-effective. “There is lots of uncertainty in the Turkish political situation, but this is true here in the UK too,”...


Declan Conway

May 24, 2019

19:10 GMT