Prices for light iron steel scrap in the United Kingdom broke a five-week spell of stability and fell by ?5 ($7) per tonne this week, with inter-merchant prices tracking a drop in the consumer market, sources told Fastmarkets on Friday March 8.
The inter-merchant market was responding to a drop of about ?10 per tonne in the consumer price in late February, sources said.Even though there has been an increase in trading activity to key export destinations such as Turkey and the Indian subcontinent over the past couple of weeks, the relative strength of sterling versus the dollar has meant that less volume has left UK shores compared with exports from eurozone countries, they said.Fastmarkets' weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?90-115 ($118-151) per tonne on March 8. The price was ?60-90...