UK suppliers of steel scrap to domestic consumers in the steel sector have gained another round of price increases for monthly settlements, sources told Fastmarkets on Thursday December 12.
December contracts were up ?10 ($13) per tonne after increasing by ?15 per tonne in November, they said.
The move marks a change in the downward trend of September and October when prices fell by a combined ?60 per tonne because of weakening domestic demand and a fall in European export prices to Turkey and the Indian subcontinent.
Turkish steel scrap import prices from Europe have increased by more than $35 per tonne since the monthly UK settlement on November 15, having already gained more than $25 per tonne since the October settlement on October 11. Indian import prices for shredded steel scrap have jumped by about $33 per tonne since the October monthly settlement in the United Kingdom.
"Rising European export prices and tonnages to Turkey and the Indian subcontinent in recent weeks are one factor, as are relatively...