The light iron scrap market in the United Kingdom dropped by ?5 ($7) per tonne over the week ending Friday August 6, with weaker European export markets into Turkey and the Indian subcontinent dragging down British dockside prices, which had a knock-on effect on the domestic market, sources told Fastmarkets.
Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK was ?175-190 ($243-264) per tonne on Friday, down by ?5 week on week. UK dockside prices have dropped ?10-20 per tonne over the week, sources said.British trade sources said relatively low levels of domestic availability, firm demand from major scrap processors and a high chance of renewed demand from UK steelmakers should support the light iron market in the near term. British scrap suppliers...