Davis Index’s weekly northern Spain HMS 1&2 (80:20) and shredded small bulk ferrous scrap indices climbed by €15/mt ($18/mt) to €333/mt and €343/mt cfr, respectively, on Dec 24.
Spanish ferrous scrap import prices continued to play catch with other major competing trade routes, particularly to Turkey, over the past week. For example, Turkish HMS 1&2 (80:20) ferrous scrap import prices jumped by $39/mt during the same period to $472.22/mt on Dec 23.
Price increases for materials offered to Spain have lagged developments seen in other markets given local mills’ ability to lean on competitive domestic suppliers.
As a result, UK and European suppliers have preferred to offer cargoes to alternative, more profitable routes.
Davis Index’ UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded also increased by €15/mt compared with the prior week to €307/mt and €317/mt fob, respectively, on Dec 24.
(€1 = $1.23)