Davis Index’s weekly northern Spain HMS 1&2 (80:20) and shredded small bulk ferrous scrap indices climbed by €4/mt ($5/mt) to €230/mt cfr and €240/mt cfr, respectively, on Friday.
The few Spanish mills that concluded new business this week were obliged to pay higher prices as fresh deals took their cues from the action in major seaborne trade routes.
Davis Index’s HMS 1&2 (80:20) Turkish ferrous scrap import index has increased almost $7/mt to $290/mt cfr from a recent low of $283/mt on Oct 9. With both buyers and sellers concurring the market is on an upward trajectory, mills put up little resistance in accepting a modest price increase.
Davis Index has heard anecdotal evidence that supply availability has exceeded domestic consumption to a point where some traders have been able to profitably increase exports.
Meanwhile, Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded increased by €8/mt to €207/mt fob and €217/mt fob, respectively, on Oct 23.
(€1 = $1.18)