Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk ferrous scrap indices declined by €6/mt ($7/mt) to €329/mt and €339/mt cfr, respectively, on Friday.
Spanish ferrous scrap import prices dropped over the past week as buyers retrieved the majority of UK and northern European dockside collection rate cuts. For example, UK and Amsterdam-Rotterdam-Antwerp-Ghent (ARAG) HMS 1&2 (80:20) dockside purchase prices fell by £6/mt ($8/mt) and €6/mt ($7/mt), respectively, during this period.
Spanish ferrous scrap buyers believe there is a high degree of probability of import prices falling by a further €6-12/mt as they press UK suppliers to pass on dockside rate cuts this week.
Shortsea small bulk coaster freight rates of €30-40/mt continue to be a bane for Spanish buyers, as it prices them out of the market.
Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices decreased by €5/mt to €295/mt and €310/mt fob, respectively, during the week.
(€1 = $1.18)