Suppliers in the UK have won a round of price increases for their monthly intake of ferrous scrap from domestic suppliers for November delivery contracts, paring losses made the month before.
This was in line with a recovery in export prices, Fastmarkets heard on Friday November 15.The UK monthly steel scrap market to domestic consumers has settled with prices up by an average of ?15 ($19) per tonne, after falling by an average of about ?35 per tonne in October.The price margin for steel scrap grades has also narrowed, with the bottom end of the price range moving closer to the top end after recent market weakness, trade sources said.The move followed a firm recovery in European export prices to key destinations such as Turkey and the Indian subcontinent.Turkish steel scrap import prices from Europe have climbed by more than $25 per tonne since the UK monthly settlement on October 11, while Indian import prices for shredded scrap have jumped by more than $35 per tonne."Initially, we were looking at an increase of ?10 per tonne, but export prices continued to...