Davis Index’s monthly Spanish consumer ferrous scrap indices surged by €37-43/mt ($45-52/mt) over the past month following the conclusion of local mill-yard negotiations in mid-May.
Spanish onshore ferrous scrap benchmarks soared compared to the prior month, as mills were obliged to bid up for material amid parabolic increases in the export market. For example, Davis Index’s Turkish HMS 1&2 (80:20) ferrous scrap import index leaped $75/mt over the past four weeks to $502.93/mt cfr Turkey on May 12.
Spanish ferrous scrap buyers believe that the prices paid today would likely be old news and considered extremely cheap within the next 24 hours.
Davis Index’s E1 (old thin), E3 (old thick), and E40 (shredded) jumped by €37-43/mt to €372/mt, €388/mt, and €389/mt delivered to mill, respectively.
(€1 = $1.21)