Fastmarkets’ weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK
, was unchanged at £45-55 ($56-68) per tonne on Friday April 3, after dropping £15 a week ago. The market was at a year-to-date peak of £95-110 per tonne in mid-January.
The stabilization in UK light iron prices has tracked a similar move in European steel scrap exports to Turkey, a key destination for sales from Europe. The UK generates around 10 million tonnes a year of steel scrap, with about two thirds of that being exported.
“The light iron price is flat; there is not much trading activity going on,” one UK supplier said. “We will not be cutting our...