Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk ferrous scrap indices climbed by €14/mt ($17/mt) to €349/mt and €359/mt cfr, respectively, on Friday.
The Spanish ferrous scrap import index has climbed over the past week in response to firmer European and UK dockside rates and major seaborne benchmarks.
Davis Index’s Turkish HMS 1&2 (80:20) ferrous scrap import index has climbed more than $14/mt over the past eight working days to $433.23/mt cfr Turkey on Apr 8.
That said, some UK shortsea small bulk ferrous scrap suppliers have preferred to sell transshipment coasters to northern Europe instead of Spain given the hindrance of “killer” freight rates.
Shortsea small bulk coaster freight rates remain around €30-35/mt, with some UK suppliers opting to only offer on a fob basis to avoid the “headaches” of fixing vessels.
Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices increased by €10-12-5/mt to €312/mt and €322/mt fob, respectively, during the week.
(€1 = $1.19)