But there was enough support to avoid significantly steeper losses, market sources told Fastmarkets on Monday July 13.
Consumers of steel scrap in the UK were expected to cut production in late July and early August, when maintenance and repairs are done at furnaces, with workers on vacation. The slowdown typically lasts for about two weeks, although across Europe such measures have been extended this year due to a fall in demand in end-user markets in the aftermath of the Covid-19 pandemic.
The economic downturn has also resulted in a fall in scrap generation from car scrappage, demolition projects and scrappage of other steel products such as white goods.
Business conditions were expected to remain weak because of the economic effects that have resulted in millions of workers being put on furlough, depressing demand for such big-ticket...