UK STEEL SCRAP WEEKLY: 5C market edges higher on export demand

The spot price for light iron steel scrap in the United Kingdom went up during the week to Thursday April 1, climbing with domestic dealers competing more keenly for supplies against firmer demand for exports out of Europe to the key overseas buyer, Turkey, sources have told Fastmarkets.

The price was up mostly in areas close to UK ports, where domestic steel scrap demand was strongest from major shredders that also export material to deep-sea destinations such as Turkey and the Indian subcontinent.
Typically, around 10 million tonnes of steel scrap is generated in Britain each year, with about 8 million tonnes sold abroad. But British scrap generation has fallen by about 40% in the past 12 months, with restrictions to limit the spread of the Covid-19 pandemic cutting end-user demand and consequently knocking output from heavy industry.

Fastmarkets' price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?140-155 ($193-213) per tonne on Thursday, widening upward slightly from...

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