UK SCRAP: Light iron market falls more than 11%

The inter-merchant spot market for light iron scrap in the UK dropped by 11.1% in the week ended Friday February 7, with domestic prices broadly reflecting similar moves in the European export markets to Turkey and the Indian subcontinent over the same period, sources have told Fastmarkets.

Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?70-90 ($91-117) per tonne on Friday, down from ?85-95 per tonne a week earlier.
The move followed early settlements in British monthly steel scrap delivery settlements for February contracts, which sources have reported this week at being down ?20 per tonne.
But some deals have yet to settle and there was industry talk that settlements may be lower in price than those already contracted. One steel mill has delayed settlement after initially agreeing a ?20 per tonne reduction, while another mill was holding out for a ?30 per tonne cut, according to some traders.

"Of course, the coronavirus [outbreak in China] is having an effect on the international steel scrap market, but there is also the influence of the Turkish market," one UK-based...

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