UK SCRAP: Light iron market drops on weaker exports

The inter-merchant spot market for light iron scrap in the UK dropped in the week ended Friday January 31, with British domestic prices dragged down by persistent weakness in the European export market to key buyers in Turkey and the Indian subcontinent, sources have told Fastmarkets.

Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?85-95 ($111-124) per tonne on Friday, down from ?95-110 per tonne a week earlier.
British scrap trade sources reckoned that the continual fall in European export prices was likely to provoke a sharp drop in monthly steel scrap delivery settlements for February contracts.
"The best price for light iron scrap around here is now ?90 per tonne delivered," one source in the northwest of England said.

"The market is down quite a bit in the past week because exporters have reduced most of their prices by around ?20 per tonne on all grades," he added....

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