The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region increased by €8/mt ($10/mt) to €338/mt delivered dockside on Tuesday after active sales.
European ferrous scrap suppliers raised collection prices amid recent transactions in Turkey. According to market participants, several recyclers (mainly from the Netherlands) sold at least five deep-sea cargoes to Turkey last week, including HMS 1&2 (75:25) and HMS 1&2 (80:20) at $471.50-476/mt cfr.
Negotiations are paused at present because Turkish mills switched from scrap purchases to steel product sales this week. Some European scrap suppliers believe that Turkish steelmakers are already fully booked for February shipment.
The weekly Davis Indexes for HMS 1 and bonus scrap in the ARAG region both increased by €9/mt ($11/mt) to €349/mt delivered dockside and €354/mt delivered, respectively, on Tuesday.
(€1 = $1.22)