The market for UK inter-merchant light iron scrap was stable in the week to Friday September 25, with enough domestic demand and limited availability offsetting a recent drop-off in export demand to traditional destinations such as Turkey and the Indian subcontinent, industry sources told Fastmarkets.
Fastmarkets' weekly price assessment for
steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK was ?100-110 ($127-140) per tonne on Friday, holding at an annual peak.
Talks to negotiate a settlement in domestic steel scrap deliveries to British steelmakers are due to start next week, with an aim to have them concluded the week after. The UK inter-merchant light iron scrap market is expected to be stable until those monthly settlements are agreed if current domestic business conditions persist, trade sources said.
"British steel scrap markets are steady and demand is in line with supply and prices are at a level where everyone in the supply chain can make some money," one UK-based source said.
"It is too...