The slump follows a collapse in demand for steel from car makers in the UK and Europe, with many car makers suspending output
until further notice. Much of the UK’s steel production is fed with scrap collected and processed by major British shredders and there is a glut in supply, sources said.
It also follows a dramatic fall in European steel scrap export prices into Turkey this week, which dropped by about $17 per tonne after a fall of almost $25 per tonne the week prior. The market has stabilized since Wednesday.
Fastmarkets’ weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was £45-55 ($54-66) per tonne on Friday March 27, down £15 from £60-70 per tonne a week ago. Prices were last seen...