UK SCRAP: Light iron market stable but seen under pressure

The inter-merchant spot market for light iron scrap in the UK was steady for a fifth consecutive week, but there may be losses in the near term as other grade spot prices delivered to British steelmakers dropped after monthly settlements were agreed up on February, sources told Fastmarkets.

Fastmarkets’ weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was £70-90 ($89-114) per tonne on Friday March 13. The market was at a year-to-date peak of £95-110 per tonne in mid-January.
In the past few weeks, regular demand from major domestic shredders and steady steel scrap business from Europe into Turkey have supported the UK light iron market. But Turkish demand has weakened in recent days and that may weigh on light iron prices in the near term, sources said.

“There has been no significant change in...

Published

Declan Conway

March 13, 2020

18:43 GMT

Galway