Davis Index’ weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices strengthened by £8/mt to £153/mt ($190/mt), and £154/mt, respectively, delivered dockside on Tuesday.
Most UK bulk ferrous scrap exporters conceded ground to merchant suppliers in recent negotiations, as those that needed material lifted the dockside purchase prices to secure volumes. In fact, merchant suppliers are looking to track the strength in major seaborne benchmarks, particularly to Turkey, over the past few weeks – but have been relatively suppressed until now.
The highest transactions for HMS 1&2 (80:20) at £155/mt last week are now superseded by trades concluded at just over £160/mt, particularly in southern UK. However, some traders have been able to procure material for as low as £140/mt for the grade given that they have built sufficient stocks to turn away higher offers.
The weekly index for north and south UK OA (Plate & Structural) ferrous scrap jumped by £10/mt to £180/mt delivered dockside over the past week.
At the same time, the weekly index for north and south UK 5A/5C (frag feed) increased by £5/mt to £90/mt over the same period.
(£1 = $1.24)