The inter-merchant spot market for light iron scrap in the UK dropped by more than 23% in the week to Friday March 27, after a fall of almost 19% the previous week, and now stands at its lowest level since September 2016.
The slump follows a collapse in demand for steel from car makers in the UK and Europe, with many car makers suspending output until further notice. Much of the UK's steel production is fed with scrap collected and processed by major British shredders and there is a glut in supply, sources said.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?45-55 ($54-66) per tonne on Friday March 27, down ?15 from ?60-70 per tonne a week ago. Prices were last seen...