Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices both remained unchanged for the second consecutive week at £178/mt ($227/mt) delivered dockside, on Tuesday.
Major seaborne benchmarks, particularly to Turkey, softened further this week; with Davis Index’s HMS 1&2 (80:20) ferrous scrap import index grinding lower to $295/mt, cfr Turkey.
Most UK market participants commented that they were waiting to see who, out of Turkish buyers and European and US suppliers, would “show their hand first” in the next round of negotiations.
The sentiment was relatively mixed on price direction with one UK bulk exporter expecting prices to climb higher on the next flurry of orders.
That said, a major UK bulk processor believes prices for European-origin material would have to come down to $285/mt, cfr Turkey, while US exporters might still achieve $295/mt. As a result, dockside ferrous scrap purchase prices have remained unchanged with buyers awaiting a clear and indicative direction from the world’s largest seaborne trade routes.
The weekly indices for north and south UK OA (Plate & Structural) also remained unchanged over the same period at £205/mt delivered dockside on September 22.
Davis’ north and south UK 5A/5C (frag feed) ferrous scrap indices remained unchanged at £100/mt delivered dockside over the past week.
(£1 = $1.28)