British steel scrap suppliers have mostly settled monthly delivery prices for steel scrap to domestic consumers at prices up by ?30 ($42) per tonne for March.
This increase will recover all the losses made one month earlier, amid persistently tight local supplies and firm demand for exports to traditional deep-sea markets, industry sources told Fastmarkets on Wednesday March 10.
The move was seen among UK trade sources as part of a potentially longer term trend this year. Scrap generation in the UK has fallen by around 40% in the past 12 months due to the effects of the Covid-19 pandemic on manufacturing, particularly the automotive and construction sectors.
Strong steel scrap prices in the UK over the coming months should be supported by firm demand for European exports in Turkey and the Indian sub-continent, sources said.
Additionally, there have been reports of a potentially new bullish factor in international steel scrap markets, with China looking for regular big shipments to feed new infrastructure programs announced by Beijing.
The Indian government was also keen to push forward...