The UK light iron scrap market was stable over the past week, for the seventh week in a row, but downward pressure is expected to come in the near term after a fall in export prices, industry sources told Metal Bulletin on Friday May 25.
The market has been steady since mid-April, since which time sterling has fallen in value against the dollar - by about $0.10 to $1.338 on May 25. This has shored up support for UK domestic scrap prices by potentially increasing the buying interest among foreign buyers.Importers of European scrap in Turkey, a key destination for exporters in Europe, have started to buy European scrap again in the past week, after being slow to buy earlier in May while the value of the Turkish lira slumped versus the dollar.The lira has fallen by almost 20% against the US currency in the past three months. It was trading at TRY100 to $21.32...