The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region increased by €4/mt ($5/mt) to €207/mt delivered dockside on Tuesday on suppliers’ expectations of higher-priced deals.
European ferrous scrap exporters raised collection prices because export trading activity increased last week, especially in the Turkish market, where a price uptrend is anticipated. Several Turkish mills are looking for cargoes for November shipment now, and while bids are reported at $280-283/mt cfr for European-origin HMS 1&2 (80:20), suppliers insist on higher levels.
Some deals are expected later this week as some European scrap exporters are in the process of negotiating with Turkish steelmakers.
The weekly Davis Indexes for HMS 1 and bonus scrap in the ARAG region both also increased by €4/mt ($5/mt) to €217/mt delivered dockside and €222/mt delivered, respectively, on Tuesday.
(€1 = $1.18)