The United Kingdom inter-merchant light-iron steel scrap spot price was stable during the week to Friday November 5 on tight availability and steady dockside prices into export markets such as Turkey and the Indian subcontinent.
With international scrap markets trading in United States dollars, the sterling/dollar exchange rate has a major effect on the UK's steel exports. Weaker sterling makes UK scrap cheaper to buyers outside the UK, who pay in dollars. On November 5, ?1 was trading at fractionally below $1.36, down from ?1.38 on October 21.Fastmarkets assessed steel scrap 5C, loose old light, domestic, delivered inter-merchant UK unchanged week on week...