UK ferrous scrap prices for deliveries in February have jumped in general by about ?20 ($26) per tonne, depending on grade, due to persistent weakness in export prices to the key destination of Turkey, trade sources told Fastmarkets on Wednesday February 13.
The move followed a uniform price drop of ?15-20 per tonne in January settlements, after an earlier drop of ?20 per tonne in December. The market had been rolled over in both October and November.European export prices to traditional markets such as Turkey and India have been on an upward trend since UK consumer prices were settled in January. European steel scrap export prices have increased by about $55 per tonne into Turkey for HMS 1&2 (80:20), and by around $25 per tonne for shredded scrap into India.Prices of trend-indicating grades in the UK such as HMS 1&2 (old steel) and OA (plate and structural) were ?140-165 ($180-213) and ?160-185 per tonne delivered respectively on February 13."Mostly, there was an increase of ?20 per tonne all round, and while some consumers wanted to pay only ?15 per tonne more, suppliers had been pushing for ?20 per tonne," one trader told...