Strengthening export demand from Europe to key destinations such as Turkey and the Indian subcontinent has pulled up prices for light iron, grade-5C steel scrap in the United Kingdom this week, sources told Metal Bulletin on Friday March 2.
The UK light iron scrap market has now moved up for three weeks in a row. Metal Bulletin's price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?100-130 ($138-179) per tonne, up ?5. Unusually wintry weather in the UK has also tightened scrap availability - material inflows into yards have dropped, sources said. If current market conditions persist, light iron scrap prices may increase further in the near term although the UK market's focus is on the outcome of talks...