The price range for UK-origin light iron scrap fell for the fourth week in a row in the period to Friday February 12, with British scrap export prices having been persistently low in the past few weeks.
But a market bottom may have been reached because European export prices to the key destination of Turkey recovered late in the week, sources told Fastmarkets on Friday.
The consistent fall in the UK light iron market was likely to be followed by a downward move in British steel scrap delivery settlement prices to domestic consumers. With some settlements yet to be made, market reports have suggested that February delivery prices will be down by at least ?20 ($28) per tonne for the month.
The monthly market rebounded by ?50 per tonne in January amid strong increases in European export prices for deep-sea deliveries into Turkey and the Indian subcontinent.
But monthly prices for March may...