Davis Index’ monthly Spanish consumer ferrous scrap indices edged €5-10/mt higher, depending on grade, following the conclusion of recent deals in mid-April.

 

Mills had pulled bids for seaborne ferrous scrap market and reduced order volumes for domestically sourced material in late March thru early April, in response to the escalating outbreak of COVID-19 and uncertainty over legislative changes.

 

Unlike major seaborne ferrous scrap benchmarks, prices for Spanish headline scrap grades effectively froze in situ for nearly a month with heightened uncertainty and restrictive movement measures leading to very little new business conducted.  

 

More recently, however, Spanish mills have dipped their toes back into the market following clarification from the government on the steel industry being reclassified as an “essential” sector and legitimately permitted to conduct commercial operations.

 

As a result, the indices for E1 (old thin) and E3 (old thick) increased €5/mt and €10/mt over the past month to €190/mt and €210/mt, respectively, delivered to mill, while the E40 (shredded) index remained unchanged on the same basis.

 

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