January settlements for UK domestic scrap prices reached their highest levels in nearly 10 years on Jan. 15, catching up with sharp increases in the international scrap markets.
S&P Global Platts' assessment of 3B shredded scrap was GBP 287.50/mt delivered to the mill on Jan. 15, up on month from GBP 235/mt delivered, to reach its highest level since the assessment began in July 2011.
The assessment for OA Plate and Structural scrap rose to GBP 282.50/mt delivered, up from GBP 240/mt delivered in December.
This was its highest level since January 2011.
The assessment for 4A New Steel Bales also saw a sharp increase, up to GBP 292.50/mt delivered on Jan. 15, its highest level since September 2011. This was up from GBP 245/mt delivered one month earlier.
Shredded scrap prices rose above OA pricing for the first time since April 2020, in line with higher prices for material destined for containerized export to India and Pakistan, where shredded prices had reached record highs in early January, before softening in line with a shift in sentiment in the international market.
Platts assessed India import containerized shredded scrap at $465/mt CFR Nhava Sheva Jan. 15, down $10/mt from $475/mt CFR on Jan. 8, which was the highest level the index reached since it was launched in Dec. 2014.