The market in the United Kingdom for grade-5C ferrous scrap has dropped this week, marking another weekly fall since the price was assessed on January 12, with suppliers cutting their offer prices in line with export demand.
The move in the light iron scrap market in the UK follows a fall in trade to key destinations such as Turkey and the Indian subcontinent.The rate of steel scrap exports to Turkey is particularly influential on the UK domestic market, and Turkish importers have been reluctant to buy British scrap because the dollar has been weakening versus sterling this year.The weaker dollar makes exports more expensive for traditional buyers of scrap from the UK who work in a...