Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices declined by £12-15/mt ($17-21/mt) to £246/mt and £243/mt delivered dockside, respectively, on Tuesday.
UK dockside ferrous scrap buyers extended recent price reductions over the past week, given that the spiralling bulk freight rates have started to eat into relatively narrower margins. A UK-based ferrous scrap trader commented that they had heard costs for Handymax and Handysize vessels jumping to $40-45/mt from the UK and northern Europe to Turkey.
Meanwhile, most bulk exporters were uncertain about the timing of Turkish mills re-entering the market for the next round of negotiations.
The weekly indices for north and south UK OA (Plate & Girder) fell by £12-15/mt to £273/mt and £270/mt, delivered dockside, respectively.
Davis Index’s weekly north and south UK 5A/5C (frag feed) ferrous scrap indices were unchanged at £170/mt, on the same basis.
(£1=$1.38)