Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices increased by £10-13/mt ($14-18/mt) to £258/mt, delivered dockside, respectively, on Tuesday.
UK bulk ferrous scrap processors raised dockside purchase prices by £7-15/mt, depending on grade, this week to secure sufficient volumes to fill a flurry of fresh Turkish bookings. That said, UK exporters demonstrated a masterclass in suppressing buy-side prices compared with the pace of pricing action on major seaborne trade routes.
Davis Index’ Turkish HMS 1&2 (80:20) ferrous scrap import index has surged by $49/mt over the past week to stand at $500.63/mt cfr Turkey on May 10.
Meanwhile, UK-based traders noted that monthly mill-yard negotiations had dragged on into the second week of May as local smelters were still negotiating to their terms.
The weekly indices for north and south UK OA (Plate & Structural) climbed by £14-15/mt to £274-275/mt, delivered dockside, respectively, during the week.
Davis’ weekly north and south UK 5A/5C (frag feed) ferrous scrap indices also increased by £7/mt over the past week to £165/mt, on the same basis.