UK STEEL SCRAP WEEKLY: Firm fundamentals support light iron market

The inter-merchant market for light-iron steel scrap in the United Kingdom was stable for a third week on Friday October 8, underpinned by firm fundamentals and relatively low domestic availability, trade sources told Fastmarkets.

Major processors are offering steady prices to ensure enough scrap is being delivered into their yards, while market sentiment is also focused on the outcome of negotiations with British steel mills for monthly delivery settlements in October. Those trade talks are due to be agreed next week.
Fastmarkets’ assessment of steel scrap 5C loose old light domestic, delivered inter-merchant UK was £170-190 ($231-258) per tonne on Friday, unchanged from the previous week.

“Again, it has been relatively quiet in the world of scrap this week in regards to light iron. The Turkish price has moved upwards and the pound/dollar exchange rate has helped as well. However, there has been no movement in price rates on the purchase side,”...

Published

Declan Conway

October 08, 2021

16:10 GMT

Galway

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