Scrap metal prices at 'virtually an all time low'

The price of scrap metal has plummeted in the last year, pointing to more evidence of the pressure on the steel industry in Wales.

Scrap steel is now fetching about a half of what it was 12 months ago.

It is another warning emerging economies like China and Brazil are slowing down so there is more steel in the world than there is demand for.

Tom Bird, managing director of Swansea-based Mettalis, said scrap metal prices were at an "all time low" - which is not good for the steel industry as a whole.