The weekly Davis Index for north UK HMS 1&2 (80:20) inched up by £5/mt ($6/mt) and by £6/mt for south UK HMS 1&2 (80:20) to £125/mt delivered dockside on Tuesday.
Some bulk exporters noted that more supplier yards had reopened and have been processing higher volumes in order to liquidate inventory and generate much needed cashflow, while suppliers were able to carve out an additional £5-8/mt this week, depending on grade and location,.
A UK-based trader commented that more supplier yards remain closed than have reopened over the past week as many market participants await the next review of the lockdown and current set of social distancing rules by May 7.
The weekly index for north and south UK OA (Plate & Structural) ferrous scrap increased by £8/mt to £143/mt delivered dockside, while the weekly index for north and south UK 5A/5C (frag feed) remained unchanged at £70/mt over the same period.
Most market participants concur that increased local supply availability and weaker transactions in major seaborne trade routes over the past week, particularly to Turkey, will enable bulk exporters to drive down purchase prices from current levels in the near term.
(£1 = $1.25)