Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk weekly ferrous scrap indices nudged €2/mt ($2/mt) lower to €363/mt and €383/mt cfr, respectively, on Friday.
Spanish ferrous scrap import prices were marginally lower this week with some UK and North European suppliers heard to have offered more small bulk cargoes for sale.
A Spanish buyer commented that they continued to receive fresh offers, which will likely intensify next week after recently sharp corrections in iron ore and steel markets.
Moreover, imported cargoes represent a €30/mt discount to equivalent grades procured from local suppliers – but Spanish mills appear to be biding their time until they sense a pricing floor has formed.
Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices were unchanged at €325/mt and €345/mt fob, respectively, during the week.