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...