Davis Index’s weekly northern Spain HMS 1&2 (80:20) and shredded small bulk ferrous scrap indices jumped by another €13/mt ($16/mt) to €268/mt cfr and €278/mt cfr, respectively, on Friday.
Shortsea bulk ferrous scrap tags were driven higher by multiple factors over the past week, comprising of stronger UK dockside purchase prices, higher freight rates, and robust demand in major competing markets.
Davis Index understands that some Turkish mills brought purchases forward for January shipment, exacerbating the recent price hikes and driving the Turkish HMS 1&2 (80:20) ferrous scrap import index $11/mt higher to $360.94/mt over the same period.
Following a £6/mt ($8/mt) increase early last week, Davis Index has also heard that a major UK-based ferrous bulk exporter has recently raised HMS 1&2 (80:20) dockside purchase prices by a further £5/mt to a maximum of £195/mt, delivered to dock.
Another UK-based ferrous scrap processor commented that strong Baltic “stems” – the quantity and availability of cargo proposed to be loaded – had pushed both deepsea bulk and shortsea coastal rates up to $26/mt and €27/mt, respectively.
Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded also climbed €6/mt compared with the prior week to €241/mt fob and €251/mt fob, respectively, on Dec 4.
(€1 = $1.22)
(£1 = $1.35)