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 €380/mt and €400/mt cfr, respectively, on Friday.
Spanish ferrous scrap buyers were heard to have slashed bids again this week amid a lack of activity on major deepsea trade routes.
Some small bulk exporters have been reluctant to accept markedly lower bids as they feel current prices do not fairly reflect the health of steel margins. That said, large supplier stockpiles, particularly in the UK and USA, have undermined recent negotiations.
Two recent deals to Turkey booked in the past 24 hours at relatively lower levels will likely remove support from shortsea prices in the next week.
Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices dropped by €6/mt to €342/mt and €362/mt fob, respectively, during the week.