ferrous
63recyclinginternational.com | September/October | 2019
European cargoes of HMS I/II 80/20
were sold at US$ 275 per tonne and
US$ 274 per tonne. Towards the
end of August, there was a US booking
of HMS I/II 80/20 at US$ 270 per
tonne and a UK cargo of the same
grade of material recorded the same
price.
The markets remained quiet into
September, with ever-lower prices
being achieved. A UK cargo of HMS I/II
80/20 was at US$ 250 per tonne, a US$
20 reduction from the previous UK
booking. At this time, two US cargoes
booked HMS I/II 80/20 at US$ 261 per
tonne and US$ 255.50 per tonne. A
Baltic cargo agreed HMS I/II 80/20 at
US$ 247 per tonne before further falls
to US$ 240 per tonne cfr.
In mid-September, another US cargo
HMS I/II 80/20 went for US$ 240 per
tonne, a considerable decline in price
over just a few weeks as a result of
continuing poor demand for finished
steel products and the on-going cuts in
production. At the time of writing a UK
cargo of HMS I/II 80/20 secured only
US$ 228 per tonne, down from US$
250 per tonne at the start of the
month. It set a new low for the year.
Further downward dips are expected
in the next round of bookings.
IndIa & TaIwan
The Indian scrap market during August
and September continued to experi-
ence price falls with a period of quiet
trading and low demand, as well as
economic troubles. Trading was
reduced by the European summer holi-
a U T H o r Robin Latchem
UK FERROUS SCRaP MaRKET dIVES
A significant fall in ferrous prices attributed to lower demand for finished products also hit
UK traders who reported a cut of up to 50% in prices for key scrap grades such as light iron
(5C) during September. Jason Minns, director at Norfolk-based Glazewing, said there had
been a ‘domino effect’ with the larger dealers paying significantly less over the past month
and that had been affecting prices throughout the supply chain. ‘We’d normally expect a
bounce into September but it didn’t happen. Prices have dropped sometimes two or three
times a week,’ he added. Some dealers believe Brexit is the cause and it is clear that the
devaluation of Sterling has affected export prices. Others say mills are facing less demand
for finished products and are buying less stock. Because prices go in cycles there is hope
they will pick up in the coming weeks, especially if the lower demand leads to lower sup-
plies. At the same time, yards cannot compensate in markets for other scrap, with non-fer-
rous being equally under pressure. One large UK mill is said to have cut the price paid for
18/8 stainless steel solids by 20% in mid-September.
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