UK steelworks have decided not to change prices for April, allowing March ferrous values to roll-over.
An industry insider told MRW that this is a result of the unrest in the Middle East, which is continuing to cause uncertainty in the markets.
He said: “The market is static at the moment because no-one knows what is happening with the political unrest in Libya. Steelworks out there are getting by, through buying cheap scrap from smaller merchants in their domestic market. It’s a case of waiting and seeing what happens until the crisis sorts itself out.”
Supply is also expected to worsen a little as merchants stop work over the upcoming bank holiday period.
There is speculation that China will begin to buy material from Europe in the next few weeks to replace the material it would usually buy from Japan. In this case, prices would have to go up due to an increase in demand.
See up-to-date ferrous prices at: www.mrw.co.uk/prices