February contracts were down by £25 ($32) per tonne, after climbing £35 per tonne over the three months from November to January. Early deals between some UK suppliers and consumers were settled at £20 per tonne down, while some later deals were reported mostly down £30 per tonne. Other sales were settled up to £35 per tonne lower on the month.
The latest move in monthly delivery contracts tracked a similar trend seen in September and October, when there were losses of £60 per tonne because of a fall in European export prices to Turkey and the Indian subcontinent, as well as weakening domestic demand.
“There has been a marked fall for European steel scrap among steel mills in Turkey, which has had a knock-on effect on import prices into the Indian subcontinent,” one UK-based supplier said.
“It has created more supply in the UK and prices have reacted as...