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DAILY SCRAP REPORT: More ferrous material sold as index drops again

February 08, 2012 - 13:04 GMT Location: London

KEYWORDS: ferrous scrap , ferrous scrap prices , steel scrap prices , freight costs

Metal Bulletin’s Daily Ferrous Scrap Index fell again on Wednesday February 8 to $423.25 per tonne cfr Iskenderun for HMS 1&2 (80:20), down from $427.60 a day earlier.

A handful of cargoes have been sold this week, with US suppliers offloading much excess material at a discount price. Decreasing freight rates helped US exporters fix deals, as freight costs from the US east coast to Turkey have fallen to around $25 per tonne since the start of January, from around $30 per tonne previously. Late on Tuesday, a cargo from...

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Ferrous

May 24, 2012 14:50 DAILY SCRAP REPORT: Small Black Sea buyers sell off cargoes
May 24, 2012 00:29 Harsco renews three multiyear contracts in US
May 23, 2012 14:45 DAILY SCRAP REPORT: Index unchanged on lack of new offers
May 23, 2012 10:24 China halts scrap imports on weak domestic market
May 23, 2012 08:53 SE Asia scrap prices down $15-20 as buyers await market cues

Ferrous Scrap

May 24, 2012 14:50 DAILY SCRAP REPORT: Small Black Sea buyers sell off cargoes
May 24, 2012 00:29 Harsco renews three multiyear contracts in US
May 23, 2012 14:45 DAILY SCRAP REPORT: Index unchanged on lack of new offers
May 23, 2012 10:24 China halts scrap imports on weak domestic market
May 23, 2012 00:35 US recyclers facing bankruptcy filings

Freight & Logistics news

May 24, 2012 02:23 US West Coast slab arrivals on rise in first quarter
May 24, 2012 02:18 Rail strike halts freight shipments in Canada
May 24, 2012 00:32 LIM gets early start sending year’s first shipment to China
May 22, 2012 18:45 Guinea approves Bellzone iron ore production at Forecariah
May 22, 2012 18:38 Pig iron producer Viena denies Greenpeace claims about slave labour, deforestation

Comment & analysis

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Seven days is a long time in the investment world, but last week must have felt longer than most.
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BHP Billiton is one of the poster children for the commodities super-cycle: a mining company whose immense upstream assets in copper and iron ore have fed the industrialisation of China since the early years of the 21st century and enabled it to return $52 billion to shareholders between 2001 and 2011.
LORD COPPER: There is nothing to fear after JP Morgan loss ...

So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.