Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices climbed by £3/mt ($4/mt) to £238/mt, delivered dockside, respectively, on Tuesday.
UK dockside purchase prices climbed cautiously higher over the past week, with some bulk suppliers building stockpiles ahead of an anticipated flurry in Turkish bookings.
Sentiment among UK-based bulk exporters appeared buoyant about the next round of negotiations, although there was some unease and uncertainty on when they would eventuate.
Concern was mainly centred around the capacity to build and store ferrous scrap inventories until such time that Turkish buyers returned to the market en masse.
Building too fast and too soon would result in undermining negotiations, while too slow and too late would frustrate merchants and leave bulk exporters short of material.
Davis Index’ Turkish HMS 1&2 (80:20) ferrous scrap import index has climbed $13/mt higher over the past week to $433.13/mt cfr Turkey on Apr 26, giving some exporters optimism.
The weekly indices for north and south UK OA (Plate & Structural) climbed by £5/mt to £255/mt, delivered dockside, respectively, during the week.
Davis’ weekly north and south UK 5A/5C (frag feed) ferrous scrap indices also increased £5/mt over the past week to £150/mt, on the same basis.
(£1=$1.39)