UK ferrous scrap merchants were uncertain of the future for exports after the UK Brexit referendum June 23 resulted in the choice to leave the European Union.
"The UK market will drop, but this is based on prices in Turkey and not the Brexit," said one trader, referring to both domestic and export markets.
Turkish prices have seen a small decrease since the start of the month, and it was his expectation that this would be passed into the UK domestic settlements in July.
One exporter was incensed at the result and believed the long-term ramifications of the decision would be profoundly negative for the UK scrap industry.
"The currency is too volatile for a scrap price right now," he said.
Complications to exports were likely to be added, according to another trader. "All of a sudden there will be more paperwork to file, taxes to be added," he said. "But long term I personally feel UK is better off."
The Bureau of International Recycling (BIR) expressed concern over the leave vote on Friday morning in a statement.
"The decision of the people of the United Kingdom to leave the EU will undoubtedly have a deep impact on trade in the European Union and internationally," said BIR President Ranjit Baxi.
