European highlights

摘要

The recent strength in European scrap markets appears to have continued into January. Tight supply-side conditions (brought about by the decline in imports from Russia, Ukraine and other East European countries), combined with a renewal of demand, as mills seek to replenish stocks run down over the winter holiday period, has given a healthy boost to prices for most grades of material. Scrap export prices from Rotterdam appear to have benefited from heightened demand from Asian and Turkish mills, with prices for composite HMS No 1 and 2 shipments rising by more than 20 dollars/tonne since last month's issue. Such strong fundamentals means that it is difficult pin down prices in a fast-moving market. However, at the time of writing, HMS No 1 grade scrap was leaving Rotterdam at around 130-135 dollars/tonne fob. Combined HMS No 1 and 2 cargoes have jumped to 128-130 dollars/tonne since the beginning of January and shredded scrap is now trading in the range 134-142 dollars/tonne - the highest level since September 1996.