The British light iron market this week hit a high last seen in April 2013 due to strong export demand in Turkey for European exports, prompting a surge in UK demand for tightening domestic supplies, trade sources told Fastmarkets.
Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK was ?130-145 ($177-197) per tonne on Friday January 8, up ?10 from ?120-135 per tonne on December 31.The move is likely to trigger strong gains in British monthly steel scrap delivery settlements in January, which are due to be fully settled next week, with some consumer sources already reporting price increases as much as ?60 per tonne. And while some suppliers put monthly price increases being offered lower at about ?35 per tonne, most market participants...