Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk weekly ferrous scrap indices edged €3/mt ($4/mt) lower to €385/mt and €405/mt cfr, respectively, on Friday.
Spanish ferrous scrap import indices declined as local mills dropped their bids in the wake of lackluster activity on major seaborne trade routes.
Little to no transactions were recorded since last week, with many market participants taking annual leave for summer vacations; thereby exacerbating the eerie silence this week.
Competing major deepsea markets have been equally quiet, with many of the Turkish ferrous scrap buyers refraining from booking any cargoes during the Kurban Bayrami festival.
European steel order books are reportedly strong through to the end of the year, so some traders speculate this may be a temporary seasonal lull before activity resumes again.
Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indexes dropped by €2/mt to €348/mt and €368/mt fob, respectively, during the week.