The UK light iron scrap market was unchanged in the past week, marking a stable level in prices since April 6 in the week to Friday May 18, with a weaker sterling against the dollar since mid-April increasing buying interest for British scrap exports and shoring up support for domestic prices, industry sources told Metal Bulletin.
This week a steel mill in Turkey, a key destination for steel scrap from northern Europe, booked a mixed cargo of 66,000 tonnes of HMS 1&2 (80:20) and shredded material from the UK. The move marked an end to a lack of buying activity in steel scrap imports into Turkey since the beginning of last week. Metal Bulletin's weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?90-120 ($122-162) per tonne on May 18 for the sixth consecutive week. This compares with...