Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices declined by £7-9/mt ($8-11/mt) to £223/mt, delivered dockside, respectively, on Tuesday.
UK’s dockside ferrous scrap buyers succeeded in driving purchase prices down further this week, despite a rebound in export prices on major seaborne trade routes.
Over the past week, Davis Index’s Turkish HMS 1&2 (80:20) ferrous scrap import benchmark increased by almost $8/mt to $426.90/mt cfr Turkey on Mar 29 following fresh bookings. That said, UK bulk processors have skillfully managed to carve out further discounts to their purchase prices to the benefit of their overall margins.
One UK-based ferrous scrap trader also noted that dry bulk freight rates had “come off hard” over the past 24-48 hours.
The weekly indices for north and south UK OA (Plate & Structural) declined by £9-11/mt to £240/mt, delivered dockside, respectively, during the week.
Davis’ weekly north and south UK 5A/5C (frag feed) ferrous scrap indices dropped by £8/mt to £140/mt, on the same basis.
(£1 = $1.38)