UK STEEL SCRAP WEEKLY: 5C grade market hits 2020 peak on firm fundamentals

The November rally in the UK light iron market looked set to move into December as of Friday November 27, climbing on firm fundamentals of relatively low levels of scrap availability, steady domestic demand and strong export activity.

The rally started three weeks ago when major scrap processors started to increase their buying prices to attract more scrap from smaller suppliers, with all scrap traders saying there have been tighter supplies arriving into yards.
Much of the reason for that had been lower levels of scrap being generated from weaker car and construction sectors, as well as from factories and manufacturing as due to the restrictive measures imposed to limit the spread of the Covid-19 virus. There has also been a fall in consumer spending on white goods, meaning fewer junked machines are being sent for scrap.

"There has been a marked...

Published

Declan Conway

November 27, 2020

16:41 GMT

Galway