Davis Index’ weekly northern Spain HMS 1&2 (80:20) and shredded ferrous scrap small bulk indices climbed by €28/mt to €208/mt ($228/mt) and €213/mt cfr, respectively, on Friday.
The recent increase in indicative bid and offer levels largely follows the significant hike witnessed in major ferrous scrap trade routes, particularly to Turkey, over the past couple of weeks.
Spanish steel mills were only legally permitted to resume commercial production last week following the reversal of a controversial royal decree and have since been tentatively looking for offers.
One UK-based market participant noted that the Spanish import market was still quiet as sellers waited to receive payment for cargoes shipped earlier in the year.
Davis Index’ weekly UK small bulk HMS 1&2 and shredded ferrous scrap indices jumped by €40/mt over the past week to €175/mt ($192/mt) and €180/mt fob, respectively, on Friday.
($1 = €0.91)