The inter-merchant spot market for UK light iron scrap fell again during the week ended Friday September 27 after briefly stabilizing the week before, with shredders cutting their offer prices and smaller suppliers matching that move.
The market is expecting further price losses in the near term due to weaker steel sector demand, as well as lower prices in European export markets to Turkey and the Indian subcontinent, according to industry sources. The light iron market may fall to as low as ?40 per tonne if the current trend persists, they added.The market had dropped for two consecutive weeks before September 13, with settlement prices agreed in consumer deliveries for the month down by around ?25 ($31) per tonne.Fastmarkets' price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was off ?10 to ?60-80 ($74-98) per tonne on Friday. The market is now matching an annual low last seen on...