Davis Index’s monthly Spanish consumer ferrous scrap indices edged €5/mt ($6/mt) higher over the past month following the conclusion of monthly mill-yard negotiations in mid-April.
Domestic benchmarks recovered to settle €5/mt higher compared with the same point in the prior month, despite having fallen by as much as €20/mt in late March.
Northern Spain’s ferrous scrap import prices largely dictated the direction and quantum of domestic prices, as they tracked developments in the competing deepsea markets, particularly to Turkey.
Local ferrous scrap prices have become more exposed to seaborne pricing dynamics with a group of bulk processors in northern Spain building regular deepsea cargoes to Turkey.
The Davis Index for E1 (old thin), E3 (old thick), and E40 (shredded) increased €5/mt to €335/mt, €345/mt and €350/mt, delivered mill, respectively.