Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk weekly ferrous scrap indices dropped by €5/mt ($6/mt) to €375/mt and €395/mt cfr, respectively, on Friday.
Import prices declined by another €5/mt over the past week, despite relatively firm demand from Spanish buyers, reflecting the recent weakness in competing deepsea routes.
UK and north European ferrous scrap suppliers have been working their way through large stockpiles and have even cut dockside purchase prices to constrict yard inflows.
A Danish trader expressed a high degree of bullishness that prices would rebound in both deepsea and shortsea markets over the next month.
Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices dropped by €7/mt to €335/mt and €355/mt fob, respectively, during the week.