UK STEEL SCRAP WEEKLY: Light iron market stabilizes losses on steady demand

The spot price for light iron steel scrap in the United Kingdom was steady during the week to Friday March 26, stabilizing losses from last week amid firm fundamentals in the domestic market, sources told Fastmarkets.

A sharp fall in European steel scrap export prices seen on Thursday may be short-lived, according to sources, with a pick-up seen the next day in steel rebar buying inquiries into Southeast Asia from Turkish steel producers.
Fastmarkets' assessment of steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK was ?140-150 ($192-206) per tonne on Friday, unmoved from a week ago.
"We assess the UK light iron market at no change for this week," one major supplier said. "That said, we have heard some reports of slightly higher numbers, which we are putting down to competitors pushing for economies of scale through their shredders."

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