Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk ferrous scrap indices jumped by €18/mt ($22/mt) to €353/mt and €363/mt cfr, respectively, on Friday.
One Spanish-bound cargo of HMS 1&2 (80:20) was heard to have been sold late-last week at around €350 cfr northern Spain. Since then, however, offer prices have spiralled higher in response to robust pricing action on major seaborne trade routes, particularly to Turkey.
Offers to Spain for HMS 1&2 (80:20) now stand close to €370/mt cfr northern Spain, though no deals have been concluded at these levels yet. UK-based small bulk ferrous scrap suppliers believe that the market is hot and expect Spanish mills to pay more.
Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices increased by €13/mt to €325/mt and €335/mt fob, respectively, during the week.
(€1 = $1.21)