Davis Index’s weekly northern Spain HMS 1&2 (80:20) and shredded small bulk ferrous scrap indices remained unchanged at €233/mt cfr ($277/mt) and €243/mt cfr, respectively, on Friday.

 

One Spanish trader commented that while there was clearly strength in major seaborne trade routes, local mills have been unable to accept higher prices given weak steel fundamentals and margins.

 

For most of 2020, Spanish steelmakers have largely been able to lean on relatively healthy domestic supply availability as a valve to release the occasional “heat” in import prices. 

 

More recently, however, spreads between domestic and import benchmarks have begun to narrow as local suppliers have been heard to be exporting larger volumes overseas.

 

Meanwhile, Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded were also flat compared with the prior week at €205/mt fob and €215/mt fob, respectively, on Nov 6.

 

(€1 = $1.19)

 

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