The weekly Davis Index for HMS 1&2 (75:25) in the Amsterdam, Rotterdam, Antwerp, and Ghent (ARAG) region surged by €35/mt ($43/mt) to €303/mt delivered dockside on Dec 15.
North European dockside purchase prices have largely been driven by parabolic increases in Turkish ferrous scrap import prices over the past week. The Davis Index for Turkish HMS 1&2 (80:20) US-origin ferrous scrap imports jumped almost $51/mt over the past seven days to $426.67/mt, cfr Turkey, on Dec 14.
Dutch and Belgian-based ferrous scrap processors noted that scrap purchase prices had spiraled “out of control”, with benchmarks increasing almost every twelve hours. A German ferrous scrap trader supported this with an anecdote that material which seemed “expensive” in the morning quickly became a better deal by the afternoon, in hindsight.
Davis Index confirmed the sale of a cargo by an Austria-based scrap trader to a Turkish mill at $421/mt for HMS 1&2 (80:20) and $431/mt for shredded, February shipment.
The weekly Davis Indexes for HMS 1 and Bonus scrap in the ARAG region both also rose €35/mt ($43/mt) to €313/mt and €318/mt, delivered dockside, respectively, on Tuesday.
(€1 = $1.22)