Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices climbed by £3/mt ($4/mt) to £178/mt delivered dockside, respectively, on Tuesday.
Relatively higher export benchmarks in major seaborne markets, particularly to Turkey, enabled most UK bulk processors to lift dockside prices while still protecting margins. Davis Index’ Turkish HMS 1&2 (80:20) import benchmark continued to climb in response to robust demand, up by $10/mt over the same period to $300/mt cfr Turkey.
In the past week, the British pound has depreciated 1.9pc and 3.7pc against the euro and the US dollar, respectively. According to market participants, the depreciation of the sterling has benefitted some UK bulk ferrous scrap exporters by widening their margins by up to €5/mt or $6/mt.
The weekly indices for north and south UK OA (Plate & Structural) increased by £5/mt to £205/mt delivered dockside, respectively, on Tuesday.
Davis Index’s north and south UK 5A/5C (frag feed) ferrous scrap indices remained unchanged at £100/mt delivered, respectively, over the same period.
(£1 = $1.30)