Davis Index’s weekly northern Spain HMS 1&2 (80:20) and shredded small bulk ferrous scrap indices edged up by €1/mt ($1/mt) to €226/mt and €236/mt cfr, respectively, on Friday.
Bulk ferrous scrap processors raised offer prices for new cargoes of HMS 1&2 (80:20) by up to €5/mt over the past week to reflect the modest rebound seen in major seaborne trade routes.
That said, some Spanish mill buyers believe there are more downside risks for local steel consumption given the impact of a proposed four-tier lockdown to abate the spread of COVID-19. As a result, domestic steel producers are reluctant to accept higher offers and have kept bids within touching distance of the last transactions concluded last week.
Meanwhile, Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices increased by €5/mt to €199/mt and €209/mt fob, respectively, on Oct 16.
(€1 = $1.17)