Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices edged £2-3/mt ($3-4/mt) higher to £270-271/mt, delivered dockside, on Tuesday.
UK dockside ferrous scrap purchase prices increased over the past week, with prices varying wildly based on bulk exporters.
A large UK-based bulk processor was heard to have raised rates for HMS 1&2 (80:20) up to a maximum of £285-288/mt for large parcels.
Market participants hypothesized that this company was either urgently acquiring volumes to fill a vessel or trying to squeeze competitors out of the market.
By contrast, another large UK-based ferrous scrap exporter was heard to have rolled over prices from last week at the lower end of the range for heavy melt at £255-265/mt.
Ferrous scrap prices on major seaborne trade routes, particularly to Turkey, have been relatively lackluster of the past week, with the market waiting for clear direction and momentum.
Davis Index’ Turkish HMS 1&2 (80:20) ferrous scrap import benchmark climbed by only $8/mt to $513.19/mt cfr Turkey on May 24 from May 17.
The weekly indices for north and south UK OA (Plate & Structural) climbed by £3/mt to £293/mt, delivered dockside, respectively, during the week.
Davis Index’s weekly north and south UK 5A/5C (frag feed) ferrous scrap indices were unchanged at £170/mt, on the same basis.