United Kingdom monthly price settlements for steel scrap deliveries into domestic steelmakers increased by ?20 ($26.78) or ?25 per tonne for November, depending on grade, on tight supply due to fewer arisings from new car production, and strong British scrap export markets.
Scrap suppliers won increases of ?25 per tonne for low residual and clean grades of scrap, and around ?20 per tonne for other grades assessed by Fastmarkets, trade sources said on Friday November 12.
The higher November settlements follow a
mixed outcome for October contracts when low residual grades rose by about ?5 per tonne, while other grades were unchanged.
But UK export markets to Turkey, the Indian subcontinent and Spain have been firm in the past couple of months, supporting suppliers in their bid to push up prices this month.
"There is every chance of further monthly UK scrap price increases over the next three months," one industry source said.
"The northern European winter inevitably leads to some reduction in scrap metal generation," the source added.
UK steel scrap trade sources noted that...