Light iron steel scrap prices in the United Kingdom increased for the second consecutive week on tighter availability because collection rates have dropped off amid freezing temperatures in the week to Friday February 1.
The move to higher prices is only the second increase since the start of November 2018, and puts the market at a level last seen on December 14. Major shredders need a high, steady rate of intake to make their expensive-to-run machines cost-effective, and have increased their offer prices as they compete for increasingly scarce scrap supplies.In the past couple of weeks, there has been a steady increase in the price of European scrap in the key Turkish market - up by almost $30 per tonne - while import prices for shredded steel scrap in India - another key export market for Europe -...