Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk ferrous scrap indices declined by €10/mt ($12/mt) to €335/mt and €345/mt cfr, respectively on Friday.


Spanish ferrous scrap buyers dropped bids for small bulk cargoes at a faster pace compared with the UK and northern European suppliers over the past week.


Some Spanish-based buyers cut their bids by €15/mt to account for extremely high freight rates for small bulk coasters at €30-40/mt. UK and North European suppliers were unwilling to accommodate as they have been able to achieve better rates in neighboring markets, only dropping offers by €5/mt.


Shortsea small bulk coaster freight rates of €30-40/mt continue to be a bane for Spanish buyers, as it prices them out of the market.


Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices decreased by €15-20/mt to €300/mt and €315/mt fob, respectively, during the week.


(€1 = $1.19)



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