The price range for UK-origin light iron fell for the third consecutive week as lower European export prices to traditional deep-sea markets, such as Turkey, dragged down domestic markets in Europe, sources said this week.
However, tighter supplies arriving into British scrapyards as a result of a slump in scrap generation during the Covid-19 pandemic - with the automotive and construction sectors particularly affected - are acting as a buffer to steeper losses from the typically influential export markets, they added.Trade sources said there will be a knock-on effect on domestic monthly delivery settlements due to be agreed next week, although perhaps not as significant as British steelmakers may have hoped for because the tighter domestic scrap availability should put a...