The UK light iron inter-merchant spot market remained unchanged for the second consecutive week as negotiations between suppliers and consumers for monthly delivery settlements continued, sources told Fastmarkets on Friday July 5.
Fastmarkets' weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?80-100 ($101-126) per tonne on July 5. Some sources said the market has moved down ?5 per tonne, although still within the current price range.Shoring up support for the market has been regular demand from major British shredders, which need a steady stream of supplies to make their machines cost-effective. In addition, there has been a surprising upturn in demand from overseas buyers in traditional export destinations such as Turkey and India, where heavy melting scrap and shredded prices from Europe have increased this week. All that appears to be...