British steel scrap suppliers have achieved hefty price increases for steel scrap grades delivered monthly to domestic consumers for January amid a surge in demand for exports, industry sources told Fastmarkets this week.
The UK steel scrap consumer market has extended monthly prices increases for the third month in a row, citing reduced scrap generation for the past several months that is showing no signs of easing."Export markets from Europe into Turkey and other destinations have seen strong price increases so far this year and there seems to be no let-up," one UK-based steel scrap source said. "That trend has been coupled with reduced scrap generation in the UK due to the economic effect of restrictive measures to tackle the spread of the Covid-19 pandemic. If those factors persist into February then expect to see prices rally again, although we will have to see what British, as well as Turkish and...