Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices climbed by £8/mt ($11/mt) to £233/mt, delivered dockside, respectively, on Tuesday.
UK’s ferrous scrap merchants were able to dig another £4-8/mt out of bulk processors over the past week, depending on grade, as dockside prices closely stalked developments in major trade routes.
Over the past week, Davis Index’s Turkish HMS 1&2 (80:20) ferrous scrap import benchmark climbed $5/mt higher to $230.75/mt cfr Turkey on Apr 12.
Recent developments have caught UK smelters napping, with regular dockside price hikes prompting local steel producers to constantly revise their bids higher with a ferrous scrap merchant hearing that a large UK mill had revised its bids from down £20/mt to £15/mt and then to down £10/mt. At this rate, traders believe there would likely be little to no change in monthly mill-yard ferrous scrap settlements.
The weekly indices for north and south UK OA (Plate & Structural) climbed by £4/mt to £249/mt, delivered dockside, respectively, during the week.
Davis’ weekly north and south UK 5A/5C (frag feed) ferrous scrap indices increased by £5/mt to £145/mt, on the same basis.
(£1=$1.37)