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

The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was flat at $426.67/mt cfr on Monday, with some sellers pushing for a lot higher, but no deals made at higher numbers.


Mills are in the market for scrap but have struggled to book orders since suppliers are hesitant to lock in offer prices amid daily increases in commodity prices across the steel complex.


Market participants believe that a level of $435/mt cfr for heavy melt is still in reach as suppliers feel the longer the wait the better the chance of getting numbers up within the next couple of weeks.


The question remains if those who are waiting to book new sales will reap the benefits. Divergent paths have begun to emerge with some market players believing the market has peaked but will maintain its current level until the Chinese holidays kick in.  While others see the tightness in supply as the primary driver which looks to continue due to the continue COVID-19 outbreaks and cold weather in the US, prompting the market to climb higher.


Asian bulk prices stayed the same as yesterday with shred to Bangladesh being offered at above $450/mt cfr, and heavy melt to Korea in a bid-offer range of $430-440/mt cfr.

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