UK STEEL SCRAP MONTHLY: Prices steady or higher for October deliveries

There was a mixed outcome in settlement negotiations for domestic steel scrap deliveries to UK steelmakers in October, with suppliers resisting downward pressure from consumers because of firm export markets, trade sources said on Thursday October 14.

Scrap suppliers won increases across the board for low residual and clean grades of scrap, with rollovers agreed in contracts for other grades assessed by Fastmarkets, they said.
Strengthening export markets from the UK, which sells abroad almost 90% of its steel scrap, aided suppliers in their negotiations, with firm demand being reported from short-sea as well as more traditional deep-sea destinations.
There has been stronger export demand this month from Spain, France and the United States, as well as on more usual sales routes into Turkey and the Indian subcontinent, sources said.
“We may have been slower to settle than others this month, but perhaps that worked in our favor because the market provided more clarity and aided negotiations,” one major steel scrap supplier said.

“From our position, the market is plus £0-7 [$0-10] per tonne, dependent on works and grade, although -...


Declan Conway

October 14, 2021

16:02 GMT