The inter-merchant spot market for light iron scrap in the UK fell almost 19% over the week, marking an abrupt end to five weeks of stability, as major shredders cut their buying prices on expected weaker demand for steel from UK-based carmakers, sources told Fastmarkets.
The move also follows a dramatic fall in European steel scrap export prices into Turkey this week which saw the market move down almost $25 per tonne on Tuesday. The market has since stabilized.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?60-70 ($69-81) per tonne on Friday March 20, from ?70-90 per tonne a week ago. The market was at a year-to-date...