The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region slid by €2/mt ($2/mt) to €203/mt delivered dockside on Tuesday amid suspended trading.
Some European ferrous scrap suppliers decided to decrease collection prices with export activity slowing down after Turkish mills, the main buyers, suspended deep-sea cargo purchases. According to Davis Index’s records, this trend has been ongoing since August 7 and firm bids from Turkey are still missing, although mills are yet to finish purchases of the material for September shipment. Most European exporters prefer not to offer their material in this situation and are waiting for buyers to return to the market.
The Davis Indexes for HMS 1 and for bonus scrap in the ARAG region both also inched down by €2/mt ($2/mt) to €213/mt delivered dockside and to €218/mt delivered dockside, respectively, on Tuesday.
(€1 = $1.19)