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Scrap ferrous prices drop to four-year low

The price of scrap ferrous has fallen by an average of £30 per tonne over the past month, with merchants fearing global downward pressure on the market will continue the trend.

MRW analysis has revealed prices are now at around £80 a tonne, a level not seen since the financial crisis hit in 2008/09 (see graph).

At their lowest point in Q4 2008 prices fell to around £40 per tonne.

A number of merchants warned MRW the market is “unpredictable” and that strong pound, falling demand from abroad and a continuing global downturn are to blame.

Some said they expected a further drop.

One merchant said: “Manufacturers have cut their quotas. Imports from China have decreased now they’re getting more restrictive. It could get worse before it gets better.”

 

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