The inter-merchant light iron scrap market in the United Kingdom was up ?5 ($6.92) per tonne in the week to Friday July 16 amid firm fundamentals, with some sources suggesting the market may consolidate higher in the near term while others say a correction may be likely due to the steel summer slowdown, sources told Fastmarkets.
Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK was ?180-195 per tonne on Friday, its first movement since June 18 and its highest level since April 2010, when it reached ?205-215 per tonne.Steady demand from steelmakers and tight availability continued to be the main factors supporting high prices, while light iron supplies have been knocked by the temporary shutdown of a number of car production plants such as Jaguar Land Rover. Car...