London 11 January 2011 17:25
Spanish ferrous scrap importers have increased offers in line with cargoes going to Turkey.
“If Spanish mills want material, they’ll have to follow international prices,” one merchant warned.
At the moment, mills are being offered E6 new production material at €415 ($538) per tonne cfr north Spain, with E2 new arisings on offer at €400-405 per tonne cfr. This is a considerable increase on new production offers last week of €385 per tonne cfr.
E40 shredded and E3 HMS 1&2 were on offer between €385-390 per tonne cfr from some suppliers, up from €360 per tonne cfr last week.
Although Spanish steelmakers reopened on Monday, there is still some confusion in the market regarding the urgency in demand for ferrous scrap.
“It depends how long the buyers can delay buying, as this could force some sellers to vend at cheaper levels,” a trader said. This could panic recyclers into selling for less, the trader continued.
Other market participants were more bullish about their prospects of selling at higher levels.
“Spanish steelmakers will pay €15 [per tonne] more than these prices in the next few days,” the first merchant concluded.
“If Spanish mills want material, they’ll have to follow international prices,” one merchant warned.
At the moment, mills are being offered E6 new production material at €415 ($538) per tonne cfr north Spain, with E2 new arisings on offer at €400-405 per tonne cfr. This is a considerable increase on new production offers last week of €385 per tonne cfr.
E40 shredded and E3 HMS 1&2 were on offer between €385-390 per tonne cfr from some suppliers, up from €360 per tonne cfr last week.
Although Spanish steelmakers reopened on Monday, there is still some confusion in the market regarding the urgency in demand for ferrous scrap.
“It depends how long the buyers can delay buying, as this could force some sellers to vend at cheaper levels,” a trader said. This could panic recyclers into selling for less, the trader continued.
Other market participants were more bullish about their prospects of selling at higher levels.
“Spanish steelmakers will pay €15 [per tonne] more than these prices in the next few days,” the first merchant concluded.
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