UK STEEL SCRAP WEEKLY: Light iron market consolidates higher

The inter-merchant light iron scrap market in the United Kingdom was steady in the week to Friday July 23, consolidating small gains from the previous week amid strong domestic fundamentals, despite quiet export sales to key destinations such as Turkey and the Indian subcontinent, sources told Fastmarkets.

Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK was ?180-195 ($247-268) per tonne on Friday, held at its highest level since April 2010, when it reached ?205-215 per tonne.
Scrap generation in the UK has been relatively tight as the economy recovers from the effects of the Covid-19 pandemic, with arisings tightened further after the recent temporary shutdown of a number of car production plants such as Jaguar Land Rover.

Car makers across Europe, such as BMW, Opel and MINI, have temporarily idled production due to...

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