Prices for light iron scrap in the United Kingdom have held this week, but there are mounting pressures expected to drag down the market next week, sources told Fastmarkets on Friday December 7.
The light iron market is under pressure amid indications of a likely ?20 ($25.50) per tonne drop in domestic delivery settlements to UK consumers for December shipments. The UK light iron market may fall as much after dropping ?10 per tonne last week, sources said. The UK steel scrap market is being pressured by weaker export prices to key destinations such as Turkey and the Indian subcontinent from Europe. Turkish steel mills have been battling tough competition in the Asian markets, as well as a domestic slowdown. European heavy melting scrap prices into Turkey have fallen more than $17 to around...