The Davis Index for UK 1/2 old steel ferrous scrap delivered mills increased by £12/mt ($15/mt) over the past month to £170/mt following the conclusion of monthly mill-yard negotiations in March.
The weekly priced dockside ferrous scrap market displayed marked volatility over the past four weeks even though the increase in monthly settlements looks relatively two-dimensional.
The Davis Index for UK dockside ferrous scrap climbed £20-30/mt from mid-February to early March before scaling back by £10-15/mt early this week, depending on grade and location.
These movements have largely set the tone for monthly contract negotiations between mill and domestic yards, with the former encouraged to hold out a little longer upon seeing the dockside market scale back prices.
The indexes for UK 0A (Plate & Structural) and 3B (shredded) ferrous scrap climbed £9/mt and £12/mt over the past month to £190/mt and £183/mt, respectively, delivered to mill.