The UK light iron scrap market has been flat this week, stabilizing after losses a week earlier, with market attention focused on the start of monthly delivery negotiations in the UK for settlements to domestic consumers.
Metal Bulletin's weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?90-120 ($118-157) per tonne on Friday August 3, unchanged from a week ago. The market may resume the lower trend next week, however, when monthly delivery settlements are concluded. Industry sources suggest there may be a drop of around ?10 per tonne in general for UK steel scrap grades, with an official at one UK steelmaker reporting he had already settled his contracted...