Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk weekly ferrous scrap indices jumped €22-25/mt ($26-30/mt) to €405/mt and €425/mt cfr, respectively, on Friday.
Spanish ferrous scrap import prices increased over the past week, as small bulk shortsea suppliers crystallized higher offers into real transacted levels.
In fact, some exporters bested last week’s offers of €400/mt for HMS 1&2 (80:20) cfr Northern Spain and have since refreshed offers to slightly higher levels.
The small ferrous bulk coaster market had initially lagged pricing action seen in the competing deepsea market but have since caught up following the latest hikes.
With benchmarks in major seaborne trade routes, particularly to Turkey, flatlining over the past couple of weeks, Spanish buyers feel there will be a degree of price stability in the next few weeks.
Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices increased by €30/mt to €380/mt and €400/mt fob, respectively, during the week.