The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region dropped by €17/mt to €343/mt ($405/mt) delivered dockside on Tuesday following a bearish export market and vague sales prospects.
Most exporters from the Netherlands (Amsterdam, Rotterdam) and Belgium (Antwerp, Ghent) reduced collection prices for ferrous scrap due to stagnant demand in Turkey, while some suppliers decided to temporarily suspend collection.
Bids for European HMS 1&2 (75:25) dropped to $470-475/mt cfr in Turkey after a large mill purchased HMS 1&2 (80:20) from the USA at $485/mt cfr last week. Negotiations are slow this week amid holidays in Turkey.
The weekly Davis Indexes for HMS 1 and bonus scrap in the ARAG region both also decreased by €17/mt to €353/mt delivered dockside and €358/mt delivered, respectively, on Tuesday.
(€1 = $1.18)