Prices for light iron scrap in the United Kingdom were lower this week, dropping by ?5 ($6.40) per tonne from a week earlier, sources told Fastmarkets on Friday November 23.
The move follows a drop in European export prices to major destination Turkey, while demand from the Indian sub-continent, another key importer from Europe, has been slow. UK sources expect another fall of ?5 per tonne in the next day or two and possibly further decrease thereafter if Turkish importers persist in demanding lower buying prices.Fastmarkets MB's weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was at ?85-115 ($109-147) per tonne on November 23.The European export market has been affected by Turkish steelmakers looking to cut their scrap import prices against tough steel rebar sales overseas, UK market...