The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region fell by €16/mt ($19/mt) to €314/mt delivered dockside on Tuesday in a muted market.
Some Dutch and Belgian ferrous scrap exporters decreased dockside prices, while others decided to suspend collection due to unclear sales prospects. The price gap between buyers and sellers continues to remain wide with Turkish mills bidding no higher than $410/mt cfr for HMS 1&2 (75:25), referring to oversupply, while most European recyclers estimate $425/mt cfr to be fair, considering current collection prices.
Several European cargoes are available for export to Turkey, but suppliers are considering redirecting these volumes to the local market, where demand and prices are better.
The weekly Davis Indexes for HMS 1 and bonus scrap in the ARAG region both dropped by €12/mt ($14/mt) to €330/mt delivered dockside and €335/mt delivered dockside, respectively, on Tuesday. Inflow of these grades to export yards is sluggish due to active sales in the European domestic market.
(€1 = $1.19)