UK STEEL SCRAP WEEKLY: Light iron price hits 11-year high

The price range for inter-merchant light iron scrap in the United Kingdom hit an 11-year high on June 18 with suppliers increasing their offer prices in the domestic market due to relatively tight supplies and firm demand from major scrap processors, sources told Fastmarkets.

Light iron scrap prices were up by ?5-10 ($ 6.98-13.95) per tonne in the week to June 18 as processors looked to secure feed to make their machines cost-effective, sources said.
Many of these processors are also exporters, creating steady trade on traditional shipping routes into Turkey and the Indian subcontinent.
The move higher in the light iron market follows the settlement of monthly delivery contracts into domestic consumers in the steel sector, with June prices up ?15-20 per tonne this week, depending on grade.

Fastmarkets' price assessment for UK inter-merchant steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK was assessed at ?175-190...

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