The United Kingdom light iron steel scrap market was stable in the week to Friday March 12, consolidating a three-week run of price increases amid tight domestic supply and regular export business into traditional deep-sea destinations, sources told Fastmarkets.
The UK light iron market has climbed about 25% from one month ago to its highest level since May 2012, when prices were ?160-170 per tonne. Scrap generation in the UK has fallen about 40% since the onset of national restrictions in March 2020 to contain the Covid-19 pandemic, knocking heavy industries such as automotive and construction where much of the steel scrap is collected from.Steel scrap prices across Europe have rebounded in recent weeks on renewed demand from key export destinations such as Turkey and the Indian subcontinent. There are solid signs of a new boost in demand for scrap from the West with China actively seeking steel scrap to feed strong domestic demand for strengthening steel...