The weekly Davis Index for north and south UK HMS 1&2 (80:20) ferrous scrap dropped by £10/mt ($13/mt) over the past week to £172.5/mt delivered dockside on Jan 21, as local processors reduced buying prices in tandem with developments in major seaborne benchmarks.
Bids and offers for seaborne cargo was heard to have moved lower to $280/mt and $285-290/mt, respectively, even though the last transaction for HMS 1&2 (80:20) cfr Turkey was recorded at $295/mt on Jan 16.
Market participants indicated that by the end of last week, dockside ferrous scrap buyers had signalled to the market that they should prepare themselves for prices to fall in the region of £10.0/mt this week.