UK SCRAP: Light iron market falls almost 19%

The inter-merchant spot market for light iron scrap in the UK fell almost 19% over the week, marking an abrupt end to five weeks of stability, as major shredders cut their buying prices on expected weaker demand for steel from UK-based carmakers, sources told Fastmarkets.

The move also follows a dramatic fall in European steel scrap export prices into Turkey this week which saw the market move down almost $25 per tonne on Tuesday. The market has since stabilized.

Fastmarkets’ weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was £60-70 ($69-81) per tonne on Friday March 20, from £70-90 per tonne a week ago. The market was at a year-to-date...

Published

Declan Conway

March 20, 2020

17:59 GMT

Galway