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

Davis Index’s monthly Spanish consumer ferrous scrap indices increased by €10/mt ($12/mt) following the conclusion of recent deals in early November.


Spanish steel producers have been leaning heavily on local ferrous scrap supplies in recent weeks given the material arbitrage between domestic and import benchmarks.


At the same time, a Spain-based ferrous scrap buyer noted that domestic suppliers had been increasingly looking towards export markets where they were able to achieve higher prices.


As a result, the domestic E3 ferrous scrap grade discount to imports of HMS 1&2 (80:20) narrowed to €5/mt in early November from €7/mt in the prior month. That said, local supplies are still priced relatively competitively given that Spanish mills still need to add a transportation fee from port to plant for imported material.


The Davis Index indices for E1 (old thin), E3 (old thick), and E40 (shredded) increased by €10/mt across all grades to €213/mt delivered to mill, €228/mt delivered, and €238/mt delivered. 


(€1 = $ 1.19)

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