UK ferrous scrap prices have fallen sharply following gains last month while European mills remain out of the market and demand from overseas has dropped off, merchants told MB. Prices are generally down by 30 pounds (48 dollars)pertonne on many grades, although some merchants have reported receiving bids at prices up to 50 pounds pertonne lowerthan at the start of May. "Steelworks are not buying in the UK and there are stocks everywhere," one said. "One major European producer has not bought since October last year -they were buying at Ieast100,000 tonnes each month before that."
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