The inter-merchant spot market for light iron scrap in the UK moved up by ?5 ($6) per tonne in the week ended Friday November 8, repeating the increase by a similar amount the week before, on steady domestic demand and higher European export prices.
Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?70-90 ($90-116) per tonne on Friday, up from ?65-85 per tonne.Major processors in the UK need a steady intake of scrap to keep their machines running at a cost-effective rate."I cannot imagine anyone getting tonnage at ?65 per tonne any more," one industry source said.UK steel scrap suppliers have started their delivery negotiations with domestic...