Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Davis Index’ weekly north and south UK HMS 1&2 ferrous scrap indices remained unchanged for a third consecutive week at £178/mt ($229/mt), respectively, delivered dockside, on September 29.


UK ferrous bulk processors are still holding out for directional cues from major seaborne trade routes, particularly to Turkey, with benchmarks unchanged for the past week.


That said, there appears to be increasing short term downside price risk for dollar-denominated scrap prices given that the Turkish lira has depreciated 2.9pc against the US dollar since Sept 22.


As a result, sentiment in the UK dockside has noticeably shifted from bullish to viewing the market move £5/mt lower within the next seven days.


At the same time, attentions have diverted to settling monthly mill-yard negotiations with local smelters, touted at unchanged compared with August’s levels by some merchants.


The weekly indexes for north and south UK OA (Plate & Structural) also remained unchanged over the same period at £205/mt, respectively, delivered dockside on Sept 29.


Davis’ north and south UK 5A/5C (frag feed) ferrous scrap indexes remained unchanged at £100/mt, respectively, delivered dockside over the past week.


(£1 = $1.29)

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