European spot domestic activity plummets, secondary scrap units now flowing to China and Asia

Uncertainty growing among domestic secondary smelters as the automotive sector weakens; European scrap dealers finding alternative homes for secondary scrap. Our intel from the ground indicates that secondary smelters in Europe are facing growing uncertainty about upcoming demand/prices, which is being reflected in almost nil spot activity. We are now hearing from multiple sources that some scrap dealers (especially in Spain) and some traders are selling tense, twitch, and even zorba units to China, the rest of Asia, and India. According to our visibility, tense units are being exported at prices equivalent to EUR 970–980 per mton delivered.

More details in full report.