UK domestic ferrous scrap market looking at further price declines, merchants say

Nov 03, 2011 | 12:27 PM |

Ferrous scrap prices for deliveries to mills in the UK are set to fall for a second successive month in November, as mills use the dull export market to drive down buying prices, merchants told MB this week. All grades of ferrous scrap are likely to decrease in November, with one UK mill already reported as bidding £230-240 ($367-383) per tonne delivered for HMS 1&2 old steel and £240-250 per tonne delivered for OA, down by £20-30 per tonne down from October delivery prices. Mills are likely to find resistance from the bigger merchants in the UK, however, merchants said. “[Mills] will find it extremely difficult to push through these price....

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