The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region surged by €20/mt ($24/mt) to €235/mt delivered dockside on Tuesday due to a global shortage of the material.
European ferrous scrap exporters raised collection prices significantly amid limited availability and strong demand for the material in the export market. Besides, deal prices in Turkey increased by around $25/mt over the past week.
Sales from Europe to Turkey were sporadic. The only transaction was reported at the end of last week at an average price of $303/mt cfr Iskenderun for 21,000mt of HMS 1&2 (75:25), 7,000mt of bonus scrap, and 2,000mt of busheling from a German supplier. This week, European scrap exporters are targeting around $320/mt cfr for HMS 1&2 (75:25).
The weekly Davis Indexes for HMS 1 and bonus scrap in the ARAG region both jumped by €20/mt ($24/mt) to €245/mt delivered dockside and €250/mt delivered, respectively, on Tuesday.
(€1 = $1.19)