The UK ferrous scrap market for deliveries to domestic consumers in June has settled at prices unchanged from the previous month, with export prices holding up high enough to support the British market, trade sources told Fastmarkets on Friday June 14.
The UK market has seen enough demand for material to be imported into Turkey from Europe to resist attempts by British consumers to negotiate a domestic price reduction, sources said.Prices in the European steel scrap export market to Turkey jumped by around $30 per tonne in the second half of May before sliding for most of the first half of June until a small increase late this week. The latest move upward in Turkish import prices from Europe was prompted by renewed demand.Still, Turkish sources reckoned that much will depend on Turkish steel mills being able to pass on that cost in higher prices for their finished steel products. But sources in Turkey believed that steel prices were likely to fall in the near term.Moreover, UK scrap sources thought that there would be slower demand both for export and domestically in July and August, at a time when heavy industry...