The weekly Davis Index for northern Spain HMS 1&2 (80:20) and shredded ferrous scrap small bulk declined by €8/mt over the past week to €210/mt and €220/mt cfr, respectively, on Friday.
Weaker Turkish and continental European ferrous scrap consumption has undermined major seaborne benchmarks over the past week, despite relatively firm EU collection prices and even rising UK dockside purchase tags over the same period.
At the same time, improved efficiency in European supply chains, following the opening of industrial sectors in response to easing lockdown restrictions, has resulted in elevated ferrous scrap availability through mid-to-late June.
Following the recent $16/mt decline in Turkish HMS 1&2 (80:20) ferrous scrap import prices over the past 10 days, some Spanish buyers believe they might be able to achieve reductions to €200-205/mt on their own cargoes in the coming weeks
The Davis Index for UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded decreased by €12/mt over the same period to €193/mt and €203/mt fob, respectively, on June 26.
(€1 = $ 1.12)