The light iron market has dropped ?5 ($6.35) per tonne in the UK over the past week, on slower domestic demand and a fall in European export prices, sources told Fastmarkets on Friday June 21.
Fastmarkets' weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?80-100 ($102-127) per tonne on June 21, compared with ?85-105 per tonne previously. The move follows a steady decline in European export markets to key destinations such as Turkey and the Indian subcontinent, where import prices have fallen around $30 and $18 per tonne respectively. European and other steel markets such as Turkey and India look weak heading into July, which should see further falls in both inter-merchant and consumer prices in the UK in the next few weeks, sources said. "Quite a few scrap...