UK STEEL SCRAP WEEKLY: Light iron market resumes rally on strong exports

Prices for inter-merchant light iron scrap in the UK increased over the week ended Friday May 7, extending a general rally since late March, sources have told Fastmarkets.

The market was likely to move higher, they added, given strong business conditions for European scrap exports into Turkey and the Indian subcontinent.
UK monthly deliveries into domestic consumers in May were likely to be settled higher, suppliers said, with one major supplier reporting deals already done at prices up by ?15 per tonne on April settlements to domestic steel mills.
In April, British steel scrap suppliers mostly settled monthly delivery prices for steel scrap to domestic consumers unchanged, compared with market levels the month before, amid persistent supply tightness.

Fastmarkets' latest price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?150-165 ($208-229) per tonne on April 30. This...

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