The Spanish scrap market remains firm with the official price remaining unchanged from last month placing HMS No1 at Ptas 16/kg (?90/tonne) and shredded at Ptas 17/kg (?102/tonne). With mills due to start their four-week summer shutdown next month there is little pressure, if any to acquire scrap over and above their needs for the rest of June. This period of buying inactivity should cease by the middle of July however, as mills look to begin covering their scrap requirements for August consumption. In Spain, electricity power rates are cheaper in August and thus steel mills tend to ramp up production rates during this month.
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