The inter-merchant spot price for light iron scrap in the UK has edged up over the past week, climbing by ?5 ($6) per tonne amid increased competition among some major shredders for feed, while a slowdown in export markets has limited stronger advances, sources said on Friday May 1.
Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?55-65 ($69-81) per tonne on May 1. The market resumed its upward trend in mid-April when tighter supplies into many yards across the country were reported.Still, some sources overall reported prices within a fairly wide range between ?50 and ?75 per tonne, depending on location, with some saying that a slowdown in export business to key destinations such as Turkey and the Indian subcontinent from Europe has probably...