US ferrous scrap export prices shift lower

The United States' ferrous scrap export market is caving to downward pressure, with containerized scrap prices drifting on both the East and West Coasts and lower international deals with Turkey prompting exporters in the former region to preemptively lower buying prices.

No bulk cargoes were confirmed sold off of either of the US coasts for two and a half weeks. Turkish mills might have made an official return to the deep-sea market but their buying pattern has been spotty, concluding only a handful of deals for more affordable cargoes from Europe and the Baltics.
A Turkish mill booked a Baltic cargo on Wednesday April 11 at $352 per tonne cfr for an 80:20 mix of No. 1 and No. 2 heavy melting scrap, $362 per tonne cfr for bonus-grade scrap and $367 per tonne cfr for rail scrap.

The persistently lower price levels to Turkey gave East Coast exporters the impetus to reduce dock buying prices even though they have not made any cargo deals to Turkey in weeks. The average dock price for No. 1 heavy melting scrap in Boston and New York are down $10-15 per gross...

Published

Mei Ling Toh

April 11, 2018

21:43 GMT

New York