Spanish scrap prices are seeing a downward correction, Kallanish learns from local market sources. After being stable for more than three weeks, this week prices began to fall by €10/tonne ($11.5/t) due to the Turkish currency devaluation and commercial tensions with the US.

"It is difficult to predict the market at the moment,” a local merchant says. “Adjustments seen in the Turkish scrap market last week could force Spanish prices to move down a further €10/t after Turkey`s national holiday,” he adds.

Spanish and European scrap markets however are hoping that China and the US can resolve their trade disputes and bring some calm to a very volatile market. “The US-China talks could re-balance the slump in Turkish scrap prices and calm the market, as negotiations will bring more clarity,” a market participant suggests.

E8 quality in the domestic Spanish market is now offered at €295/t delivered. E40 and demolition quality grade (E3) are at €290/t and €275/t delivered, respectively. E1 quality is delivered at €225/t.