Moreover, a steady rate of export business to deep-sea destinations such as Turkey and the Indian sub-continent has also hardened support for higher domestic scrap prices in Europe, they said.
British steel scrap generation has fallen in general terms in recent months, in line with a protracted slowdown in output from the automotive, construction and white goods sectors as a consequence of the Covid-19 pandemic.
“In the main, prices have increased by £10 per tonne. Some of the UK works stuck out for a £7 per tonne increase but had to concede the extra £3 per tonne in order to secure tonnage,” one industry source said.
“There is more scrap being generated from the car plants, compared with almost nothing a few months ago, but that rate is still way down on this time last year,” he added. “Almost all processing scrapyards do not have enough tonnage coming in to...