The market in the United Kingdom for grade-5C ferrous scrap has dropped in the past week, sliding in line with export prices to key destinations such as Turkey and the Indian subcontinent.
British steel scrap in its traditional overseas markets is becoming more expensive this year amid a weakening of the dollar versus sterling. This makes the material more expensive for traditional buyers of scrap from the UK who work in a market where the trades are in dollars.Sterling was trading at ?1 to $1.42 on Friday January 26, up from about $1.38 a week ago. It was at an annual low of $1.35 on January 11 and at $1.33 in mid-December.UK sources said that the European steel scrap export...