Prices for inter-merchant light iron scrap in the UK market stabilized during the week to Friday October 16 after a small drop last week, supported by a relatively tight balance between supply and demand and a pick-up in European export prices, industry sources told Fastmarkets.
Scrap generation in the UK continues to be fairly tight, with major shredders competing regularly for purchases despite lower steel production year on year. Stronger business conditions in the European steel scrap export markets to Turkey and the Indian subcontinent in the week to Friday October 16 have cemented that price support, they said.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK was ?95-105 ($123-136) per tonne on Friday, unchanged from last...