The light iron scrap market in the United Kingdom was stable over the week to Friday August 20 while scrap processors held their offer prices to ensure a steady flow of material into their yards, sources told Fastmarkets.
UK export prices were also relatively stable despite quieter trade due to the seasonal slowdown, cementing support for domestic British prices. The export market accounts for more than 80% of annual steel scrap market sales in the UK, which typically generates around 10 million tonnes. UK export prices therefore have a considerable influence on the domestic market, although UK scrap generation fell around 40% in 2020 due to Covid-related restrictions and is only recovering slowly while those restrictions are lifted.Fastmarkets' weekly...