The UK ferrous scrap market for deliveries to domestic consumers in September has settled with prices for all grades down by an average of about ?25 ($31) per tonne.
Weakness in consumer demand both at home and abroad influenced the price settlements, industry sources told Fastmarkets in the week ended Friday September 13.The market showed some initial settlements down by ?15-20 per tonne, but steeper price cuts gathered pace through the month amid persistently weaker buying interest in the export markets.Europe's traditional steel scrap export markets in Turkey and the Indian subcontinent have been reporting persistently weaker prices in the past few weeks. A couple of suppliers reported settlement prices down by as much as ?35 per tonne after negotiations this week."The British steel scrap market continues to fall... Price settlements fell gradually last week and, depending on when people settled, that progressed into a reduction of ?15-30 per tonne - lower at the start of the week and more by the end of the week," one consumer said."I guess the difficulty is that people were settling through the...