The UK light iron scrap market was stable over the past week, for the eighth week in a row, as market expectation of a downturn in prices failed to materialise ahead of monthly delivery settlements to consumers in June, industry sources told Metal Bulletin on Friday June 1.
Market sentiment has also been cautious after the United States imposed tariffs of 25% on imports of steel from the European Union starting June 1.According to UK Steel, the body which represents British steel producers, 350,000 tonnes of steel exports worth ?360 million ($479 million) are shipped annually to the US. The tonnage is about 7% of total annual UK steel exports worth about ?3.8 billion. UK Steel director Gareth Stace said UK steel producers were "going to be hit hard" by the tariffs. "UK scrap prices are generally flat," one UK scrap trader said. "There's been talk that prices may drop, but nothing has really happened yet, we're all waiting for the potential...