Davis Index’s monthly German ferrous scrap indices were either unchanged or climbed €21-23/mt ($25-27/mt), following the conclusion of July mill-yard negotiations.
German obsolete ferrous scrap benchmarks were rolled over for the month of July, as slack export demand countered robust domestic consumption.
In contrast, prices for new production grades (E2 &E8) were bid up by €21-23/mt as a result of relatively limited supply availability and ferocious local demand.
Market participants surveyed by Davis Index do not expect the recent flooding in western Germany to have a material impact on overall ferrous scrap market dynamics.
One German-based scrap trader was cynical about thyssenkrupp’s force majeure, citing it as a convenient political & financial manoeuvre.
North German ferrous scrap indices were unchanged for Sorte 1 (E1) to €383/mt, Sorte 3 (E3) to €430/mt, Sorte 4 (E40) to €435/mt, and Sorte 5 (E5) to €348/mt, delivered to mill.
East German ferrous scrap indices were flat for E1 to €400/mt, E3 to €433/mt, E40 to €445/mt, and E5 to €365/mt, delivered to mill.
South German ferrous scrap indices were stable for E1 to €398/mt, E3 to €423/mt, E40 to €433/mt, and E5 to €365/mt, delivered to mill.
West German ferrous scrap indices were unchanged for E1 to €417/mt, E3 to €437/mt, E40 to €450/mt, and E5 to €373/mt, delivered to mill.
With respect to new production grades, E2 & E8 prices increased €21-23/mt in the north to €463-468/mt, in the east to €453/mt, in the south to €458-460/mt, and in the west to €473/mt.
(€1 = $1.18)