The inter-merchant spot market for UK-origin light iron scrap was unchanged in the week ended Friday October 25, extending a steady run of prices into a fourth week in line with domestic demand and a pick-up in European steel scrap export prices this month.
Fastmarkets' price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?60-80 ($77-103) per tonne on Friday. The market is around the same level as an annual low in January this year when the price range was ?60-90 per tonne.Underscoring support for the British light iron market has been steady demand from major processors to maintain their shredders at a cost-effective rate. And a fall in British steel scrap prices more broadly in the past couple of months has discouraged collections in a market where fewer scrap arisings have been reported, in line with a slump in the car market and a fall in demolition projects in the construction sector....