Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk weekly ferrous scrap indices declined by €7/mt ($9/mt) to €393/mt and €408/mt cfr, respectively, on Friday.
The last recorded ferrous scrap sale to Spain was concluded with a UK-based supplier on Wednesday at unchanged levels compared with the prior week at €400/mt cfr northern Spain for HMS 1&2 (80:20).
Since Tuesday, Spanish bids for new small bulk cargoes have plunged by €10-15/mt to reflect the current ebb in competing hot metal production costs.
A UK-based ferrous scrap exporter commented that they were unable to accept lower bids at this time given that dockside rates would have to come down first to protect their margin. Another supplier scoffed at the new levels, saying it was not workable given that major processors had booked deepsea HMS 1&2 (80:20) sales to Turkey at $510/mt cfr and now have vessels to fill.
Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices declined by €5-6/mt to €369/mt and €383/mt fob, respectively, during the week.
(€1 = $1.22)