European ferrous prices fall as scrap supplies increase

Nov 10, 2004 | 07:46 AM | Philip Shawcross

Import prices for ferrous scrap in Spain have fallen as much as 30 euros ($38) per tonne since late October and are weakening elsewhere in Europe as well.

"There are a lot more offers coming in now than there were three weeks ago, especially from the Black Sea and the Baltic Sea," a scrap buyer for a large Spanish mini-mill said.

The buyer said that a European exporter offered him a mixed cargo of bonus grade (5-foot plate and structural scrap) and No. 1 heavy melt at 265 euros ($342) per tonne delivered in mid-October. The same supplier offered similar material at 235 euros ($303) per tonne Monday.....

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