The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region decreased by €4/mt to €354/mt ($432/mt) delivered dockside on Tuesday amid subdued export sales.
Most exporters from the Netherlands (Amsterdam, Rotterdam) and Belgium (Antwerp, Ghent) reduced collection prices for ferrous scrap due to stagnant demand in Turkey. Bids for European HMS 1&2 (80:20) dropped to $490/mt cfr after a Turkish mill booked the same grade from the USA at $502-503/mt cfr last week.
Suppliers from the ARAG region could not find enough reasons to accept prices below $500/mt cfr Turkey for HMS 1&2 (80:20) and refused to sell last week. Moreover, they believe that demand in Turkey will improve later this week as mills require cargoes for July shipment.
The weekly Davis Indexes for HMS 1 and bonus scrap in the ARAG region also decreased by €4/mt to €364/mt delivered dockside and €369/mt delivered, respectively, on Tuesday.