The Davis Indexes in northern Spain for HMS 1&2 (80:20) and shredded ferrous scrap small bulk both increased by €15/mt ($16/mt) over the past week to €223/mt cfr and €228/mt cfr, respectively, on April 17.
Spain’s ferrous scrap market has been more active over the past week, enabling suppliers in the UK and Europe to pushthrough higher dockside collection prices to Spanish mills.
While some major UK scrap exporters have raised benchmarks in response to a recent flurry of Turkish bookings, others are still holding out for higher prices.
The weekly Davis Index for UK small bulk HMS 1&2 (80:20) and shredded ferrous scrap rose by €16/mt over the past week to €191/mt fob and €196/mt fob, respectively, on April 17.
There appears to be growing consensus among market participants that recently rising seaborne benchmarks have hit a wall, and many expect prices to begin falling from next week onwards.
($1 = €0.92)