US East Coast ferrous scrap export prices rise

The United States' bulk ferrous scrap export prices made strong gains in two cargo trades to emerging markets this past week, prompting East Coast exporters to raise dock buying prices ahead of what might be another upswing in domestic scrap pricing.

In the first deal, a full cargo of shredded scrap was sold to Bangladesh at $435 per tonne cfr, while a second cargo containing an 80:20 mix of No. 1 and No. 2 heavy melting scrap traded to Egypt at $383 per tonne cfr.
“I think the shredded cargo sale [to Bangladesh] will provide some support to domestic prices in April. Regardless of what export prices are, dealers are already expecting an up market,” an East Coast processor said. “Cut [grades of scrap] will probably be up along with shred – they are in short supply on the [East} Coast because a lot is being drawn away by export.” 

Boston-area exporters raised dock buying prices shortly after news of the two cargo sales surfaced, the second consecutive week they have done so. Dealers are receiving an average of $315...

Published

Mei Ling Toh

March 28, 2018

22:20 GMT

New York