UK STEEL SCRAP WEEKLY: Light iron market holds amid monthly negotiations

Prices for inter-merchant light iron scrap in the United Kingdom were stable for the third consecutive week on Friday June 11, supported by firm fundamentals and with suppliers negotiating monthly delivery settlements into domestic steelmakers, trade sources told Fastmarkets.

British scrap supplies into yards have been tight in recent months amid reduced scrap arisings from depressed car production and a fall in demolition projects as a result of the Covid-19 pandemic. Although the UK economy is recovering, there is a lag in scrap being generated, with car production and new car sales still at a depressed level.
European scrap tightness is being added to by steady demand into traditional destinations such as Turkey and the Indian subcontinent, where demand for long products, such as rebar, is strong amid big spending plans by governments to kick-start their economies after months of decline.

“There has been no change in the light iron market from last week,” one supplier said....

Published

Declan Conway

June 11, 2021

16:38 GMT

Galway