UK STEEL SCRAP MONTHLY: Suppliers take cut but export recovery stems steeper losses

February 16, 2021 / www.metalbulletin.com / Article Link

British steel scrap suppliers have mostly settled monthly delivery prices for steel scrap to domestic consumers at ?30 ($41) per tonne lower for February, not as low as expected because export prices to traditional deep-sea markets have staged a late recovery this month, industry sources told Fastmarkets.

The move marks the first downturn in prices since October when the markets dropped ?5 per tonne, although the longer-term overall trend has been strengthening since April.
The monthly market bounced ?50 per tonne in January amid strong increases in European export prices for deep-sea deliveries into Turkey and the Indian subcontinent. Prices into Turkey for heavy melting scrap fell to about $382 per tonne cfr from around $475 per tonne between January 14 and February 5. But the European export market into Turkey has since bounced on renewed Turkish steelmaker demand, with prices currently assessed at about $404 per tonne.

"Steelworks wanted their ?50 per tonne back, but won't get it," one industry source said. "Turkish steel mills stopped buying scrap for a while but are now in the market moving prices back up. Some suppliers sold to [UK steelmaker] Celsa at ?25 per tonne off this month and...

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