The market in the United Kingdom for grade 5C ferrous scrap has edged downward in the past week, with prices easing while buying interest in the key export market of Turkey cools because of the strengthening of sterling versus the dollar.
The UK market is seeing more availability domestically as a consequence, while buyers in India are also balking at current European export prices that have been rallying for several weeks.The drop in UK light iron scrap prices marks an end to a bull run that started on November 10 last year. Metal Bulletin's price assessment for UK grade-5C ferrous scrap was ?110-135 ($152-187) per tonne on Friday January 19.Industry sources in the UK expect prices to drop further in the near term if current business conditions persist."The currencies are...