UK ferrous scrap prices for deliveries in November have been rolled over due to steady business and a small increase in European export prices to the key destination of Turkey, which meant there has been no support for changes to British domestic scrap prices, trade sources told Metal Bulletin on Wednesday November 14.
UK suppliers had initially pushed for an increase of around ?5-10 ($6-13) per tonne in monthly delivery settlement prices, but met with stubborn resistance from steelmakers and a rollover was agreed.Still, some smaller consumers, such as foundries, managed to get a small decrease in their monthly costs for November deliveries, sources said. The UK market showed a ?10 ($13) per tonne drop compared with September delivery prices, having rolled over in October."Most of the UK domestic monthly contracts have settled at rollover. There were some minor tweaks where prices were lower than [the prices for material in] containers, but only to small foundry tonnages," one industry source told Fastmarkets."There were a couple of suppliers that got a ?5 per tonne increase, although that was probably catching up on earlier business deals," another...