The UK's light iron market has stabilized in the past week after dropping ?10 ($13) per tonne in the week prior, with market participants content to hold onto the current level until British suppliers and steelmakers negotiate monthly delivery settlements for May, sources told Fastmarkets on Friday May 10.
Fastmarkets' weekly price assessment of the UK grade-5C ferrous scrap price on an inter-merchant basis was assessed at ?80-100 ($104-130) per tonne on May 10. The price has moved only once since March 15.Now the UK scrap market's focus is on the UK monthly delivery settlements between domestic suppliers and consumers, with some suppliers already settling deals. Still, the bulk of business has yet to be finalized, sources said."Last week a drop of ?10 per tonne in monthly settlements for May looked likely but we reckon now that it will be ?15 per tonne down," one UK source said. "The outlook in Turkey is very uncertain and [the UK market] is so dependent upon them. Any British supplier should take a drop of ?15 per tonne...