The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region surged by €16/mt ($19/mt) to €257/mt delivered dockside on Tuesday amid a promising export market outlook.
Ferrous scrap suppliers are currently competing for tonnages and those from Belgium and the Netherlands raised collection prices further to spur inflow to their yards.
European exporters were targeting $350/mt cfr Turkey for HMS 1&2 (75:25) on Tuesday as they believe that $370/mt cfr is achievable in Turkey for US-origin HMS 1&2 (80:20), considering rebar prices, which vary at $520-530/mt fob for export and at $535-550/mt ex-works in the domestic market. Some European suppliers sold HMS 1&2 (75:25) cargoes at around $335/mt cfr to Turkey at the beginning of last week.
The weekly Davis Indexes for HMS 1 and bonus scrap in the ARAG region both jumped by €16/mt ($19/mt) to €267/mt delivered dockside and €272/mt delivered, respectively, on Tuesday.
(€1 = $1.20)