Davis Index’s monthly Spanish consumer ferrous scrap indices plunged by €60-70/mt ($72-84/mt) depending on grade following the conclusion of mill-yard negotiations in early February.
Domestic ferrous scrap benchmarks have similarly tracked developments in major seaborne trade routes, particularly to Turkey, over the past month.
Davis Index’s Turkish HMS 1&2 (80:20) ferrous scrap import index plummeted $83.75/mt since Jan 4 to $397.50/mt, cfr Turkey, on Feb 4.
A Spanish-based buyer commented that local supply availability was so healthy that Basque Country suppliers were even able to export cargoes to Turkey.
According to the latest trade data, Spanish ferrous scrap exports jumped 48pc and 80pc to 110,586mt and 88,187mt in October and November 2020 respectively.
The Davis Index indices for E1 (old thin), E3 (old thick), and E40 (shredded) declined by €60-70/mt to stand at €275/mt, €285/mt and €295/mt, delivered to mill.
(€ = $1.20)