UK SCRAP: Light iron market holds up despite downward pressure

The inter-merchant spot market for UK light iron scrap held steady over the week ended Friday September 20, with smaller sellers reporting offer prices in the upper half of the present price range, and major suppliers that process scrap reporting prices in the lower half of the range.

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...

Published

Declan Conway

September 20, 2019

17:25 GMT

Galway