There was a bit more stability on the market this week, although trading was generally said to be quiet.
While there was some movement on price for some grades, the start of the month was about working out shipping rates for exports, understanding where vessels might be and how that affects domestic and European markets too.
There is still an expectation that shipping will be challenging this month and into March as the combination of maximum disruption from extended sailing times and the usual issues around Chinese New Year.
It remains to be seen whether there will be much activity in February as a result of all this, but it is also the case that material is moving and the industry is finding a way.
The pound was unchanged against the dollar and euro compared to last week at $1.27 and €1.17 respectively.
Recycled plastics
Bottle grades have picked up recently due to more domestic and European demand.
However, other grades were relatively stable despite the fall in the price of the PRN/PERN by around £10 per tonne.
This is possibly an indication that there wasn’t a huge amount of physical trading going on now that we are out of the transition month of January and fully in the 2024 compliance year. Those who have packaging grades now want to see where the PRN/PERN will settle.
It is also the case that the market is looking to see if the Red Sea situation has any impact on the virgin plastic market, and if that might have an effect on recycled material.
Recycled paper
There was a slight fall for packaging grades this week, but in truth there wasn’t a lot of trade taking place.
Most had already traded for February and deep sea buyers were working out logistics for the rest of the month to ensure the material reaches its intended destination.
UK and European mills continue to be quiet and where there is a price, it is very much at the bottom of the market.
Although the PRN/PERN rose a tiny amount, it wasn’t enough to make any real difference on the price of physical material.
Recycled metals
Only brass changed this week, increasing by £50 per tonne.
