Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk weekly ferrous scrap indices declined by €15/mt ($18/mt) to €385/mt and €400/mt cfr, respectively, on Friday.
Spanish ferrous scrap import prices dropped over the past week following the conclusion of sales heard at €390/mt for HMS 1&2 (80:20), after which bids were subsequently slashed.
Some major and smaller shortsea suppliers have been pressed to transact at relatively lower levels in response to a build-up in inventories. In fact, some UK-based ferrous scrap bulk exporters were heard to have reduced dockside purchase prices by up to £10/mt this week to stem the flow of material into their yards.
A large ferrous scrap processor was also rumoured to have engaged a small bulk coaster to ferry material from yards that were piling up with stocks.
Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices dropped by €20/mt to €360/mt and €380/mt fob, respectively, during the week.