The weekly Davis Index for EU ARAG HMS 1&2 (75:25) ferrous scrap plunged by €23/mt ($26/mt) over the past week to €200/mt delivered dockside on March 3
Market sentiment has turned more bearish over the past week in response to the softening in major seaborne ferrous scrap benchmarks over the same period – particularly to Turkey.
Many northern EU docks were reluctant to procure material at higher prices last while seaborne ferrous scrap tags were turning lower. As a result, most European docks were able to push through significant discounts for their ferrous scrap purchases of all major grades.
The weekly indices for HMS 1 and Bonus (Plate & Structural) declined €23/mt each in tandem with headline grades to €210/mt and €215/mt delivered dockside, respectively from a week ago.