The market had dropped for two consecutive weeks before September 13, with settlement prices agreed in consumer deliveries for the month down by around £25 ($31) per tonne.
The light iron market may come under pressure again in the near term, however, because export prices from Europe to Turkey and the Indian subcontinent have been trending lower amid weak international steel markets.
Fastmarkets’ price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was £70-90 ($87-112) per tonne on Friday, unchanged week on week.
The UK ferrous scrap market for deliveries to domestic consumers in September settled with almost all prices down by around £25 per tonne, with weakness in consumer demand both at home and abroad influencing the settlements, industry sources told Fastmarkets last week.
“It’s really bad out there in...