Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk weekly ferrous scrap indices declined by €8/mt ($9/mt) to €355/mt and €365/mt cfr, respectively, on Friday.
Spanish ferrous scrap import prices dropped this week, as buyers lowered their bids in a subdued market while suppliers resolutely held offers close to last transacted levels. A Spain-based buyer commented that the market had turned relatively quiet given that suppliers were awaiting cues from prices on major seaborne trade routes.
Meanwhile, the UK and North European ferrous scrap suppliers have also reduced dockside purchase prices in response to weak export benchmarks and a sharp increase in freight rates.
Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices fell by €10-15/mt to €315/mt and €330/mt fob, respectively, during the week.