The weekly Davis Index for north and south UK HMS 1&2 (80:20) ferrous scrap decreased by £13/mt ($17/mt) over the past week to £143/mt delivered dockside on Tuesday.
UK processors lowered their dockside ferrous scrap buying prices this week on low export demand, particularly from Turkish buyers, and softening seaborne benchmarks.
Some market participants who typically supply local mills were quiet this week because the two sides are locked in protracted monthly contract negotiations.
One trader noted that UK steel mills should be encouraged by recent declines in dock tags and could push for harder discounts before settling for March deliveries.
The weekly Davis Index for north and south UK OA (Plate & Structural) ferrous scrap decreased by £10/mt over the past week to £170/mt and £165/mt, respectively, delivered dockside.
The weekly index for north and south UK 5A/5C (frag feed) declined by £10/mt and £8/mt, respectively, over the same period to £80/mt.
(£1 = $1.30)