UK SCRAP: Light iron market stabilizes ahead of April settlements

The inter-merchant spot price for light iron scrap in the UK has stabilized over the past week after falling by more than 37% between March 13 and March 27, as the market pauses ahead of monthly delivery settlements to consumers for April.

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...

Published

Declan Conway

April 03, 2020

17:09 GMT

Galway