UK STEEL SCRAP WEEKLY: Light iron market consolidates gains on solid fundamentals

Prices for inter-merchant light iron scrap in the UK have been steady over the week ended Friday April 30, consolidating gains made the week before amid firm demand from major processors and steady export business, sources have told Fastmarkets.

Suppliers were looking ahead to negotiations to settle monthly deliveries into domestic consumers in May, they added.
Fastmarkets' latest price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?145-160 ($202-223) per tonne on April 30, unchanged from the week before.
In terms of exports, a national lockdown until May 17, the remainder of the holy Islamic month of Ramadan ending on May 13, and the three days of the subsequent Eid festival were expected to cool buying interest for scrap in the key buyer for European material, Turkey.

But some Turkish trade sources have noted a recovery in domestic long steel demand and strong export steel sales to Southeast Asia and...

Immediate trigger for crash was new Fed Chairman pick

Gold stocks slump on metal price decline

Is the gold market starting to turn 'irrationally exuberant'?

Gold stocks explode up as equity markets languish

Gold stocks outpace flat large caps