Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices consolidated around recent highs of £248/mt ($344/mt), delivered dockside, respectively.
Dockside negotiations have been relatively muted over the past week with local ferrous scrap merchants diverting attention to monthly mill supply contracts. At the same time, export prices in major seaborne trade routes have plateaued in response to an ebb from the recent flurry of activity.
As a result, Davis Index’s Turkish HMS 1&2 (80:20) import benchmark has pulled back by $2.5/mt from its recent peak of $464.50/mt cfr Turkey on Mar 4. Some South Asia-based buyers were heard to be using this opportunity to drive bids markedly lower, with little success. UK-based bulk exporters appear relatively comfortable to hold back and wait for the next flurry of Turkish purchasing activity.
The weekly indices for north and south UK OA (Plate & Structural) also consolidated around £268/mt, delivered dockside, respectively, during the week.
Davis’ north and south UK 5A/5C (frag feed) ferrous scrap indices were unchanged at £155/mt delivered dockside, respectively, over the same period.
(£1 = $1.39)