Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices crept up £1-2/mt over the past week to £168/mt ($218/mt), delivered dockside, on Nov 3.
UK dockside ferrous scrap purchase prices edged up as trades narrowed over the past week, with indications that prices may continue to rise as fundamentals tighten.
Market participants were focused on monthly mill-yard negotiations, with one large UK smelter making an opening bid at £5/mt higher than last month, which was swiftly rejected by some merchants.
Simultaneously, most ferrous scrap dealers expect inflows of material to dry up as the UK enters an initial month of COVID-19 lockdown to stem the transmission of the pandemic. Irrespective of demand from major seaborne trade routes, this will likely be a sufficient factor in driving dockside purchase prices higher as exporters battle to secure volumes.
The weekly indexes for north and south UK OA (Plate & Structural) edged £2/mt higher over last week to £188/mt, delivered dockside on Nov 3.
Davis’ north and south UK 5A/5C (frag feed) ferrous scrap indexes were unchanged at £95/mt, delivered dockside over the past week.
(£1 = $1.30)