Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices declined by £6-8/mt ($8-11/mt) to £232/mt and £230/mt, delivered dockside, respectively, on Tuesday.
UK’s dockside ferrous scrap buyers continued to realign purchase prices lower to protect margins from falling export prices. Ferrous scrap benchmarks on major seaborne trade routes, particularly to Turkey, have weakened recently in response to a lack of purchasing activity.
UK bulk processors resigned themselves to Turkish buyers potentially revising their bids lower for fresh cargoes given the 9pc depreciation in the Lira on Monday. Over the past week, Davis Index’s Turkish HMS 1&2 (80:20) ferrous scrap import benchmark declined by a further $13/mt to $419.17/mt on Mar 22.
The weekly indices for north and south UK OA (Plate Structural) similarly declined by £7-9/mt to £251/mt and £249/mt, delivered dockside, respectively during the week.
Davis’ weekly north and south UK 5A/5C (frag feed) ferrous scrap indices dropped by a more modest £2/mt to £148/mt, on the same basis.
(£1 = $1.38)