Davis Index’s weekly northern Spain HMS 1&2 (80:20) and shredded small bulk ferrous scrap indices jumped €22/mt ($27/mt) over the past week to €335/mt and €345/mt cfr, respectively.
Spanish HMS 1&2 (80:20) import benchmarks extended recent increases, as prices largely tracked developments in competing major deepsea trade routes.
Turkish HMS 1&2 (80:20) import prices have jumped by $33.43/mt over the past week to $453.43/mt cfr Turkey on Feb 26, after a flurry of new bookings. Shortsea small bulk ferrous scrap coaster rates have increased in tandem also driven by relatively firm demand from Spanish buyers.
One UK-based trader commented that he had sold one cargo early this week and had already been contacted with new bids for a follow-up delivery.
Another UK ferrous scrap supplier noted that Spanish mills are in need of more material and that they would have to buy now.
Davis Index believes it is also likely that some Spanish consumers want to buy cargoes now before prices escalate further and eat away precious steel margins.
Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices increased by €17/mt to €310/mt and €320/mt fob, respectively, on Feb 26.
(€1 = $1.21)