The light iron scrap market in the UK has been steady this week, consolidating the gains made in a four-week bull run built on strengthening demand to key export markets such as Turkey and the Indian subcontinent.
Metal Bulletin's price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?105-135 ($147-188) per tonne on Friday March 16. This compared with a price of ?90-115 per tonne on February 9, an annual low.Much of the reason for the market rally in the past few weeks has been a steady climb in steel scrap export prices.Stronger export demand typically tightens domestic availability, encouraging scrap...