Ferrous prices have risen by up to £40 a tonne in some regions this week, following the release of the new home steelworks prices for January deliveries.
The greatest increases were seen in Yorkshire, where merchants have told MRW that home steelworks prices have risen to between £25 and £40 a tonne.
Merchants believe that the increases are being caused by a continued shortage of scrap arisings nationwide, which are creating scarcity value around what little material is available, and increasing export prices, which are thought to be driven by demand for metal from Turkey and China.
However, the increased prices have been met with scepticism by some.
One merchant said: “Prices are fantastic considering the rest of the world, now if only we had some scrap.”
Visit www.mrw.co.uk/prices to see MRW’s latest ferrous prices.