The deep-sea cargo, comprising HMS 1&2 (80:20), shredded and plate & structural (P&S) scrap was sold at an average price of $321 per tonne cfr for late November shipment. Sources said the HMS 1&2 component was equivalent to $315 per tonne cfr.
“The mill that bought this cargo got a good deal - and needed it. The [mill is] primarily a container buyer, and there is currently a container shortage everywhere. Nobody is an a position to buy 30,000 tonnes in containers right now,” an exporter source told Fastmarkets.
The mill has been absent from both bulk and containerized scrap markets since the second quarter of 2020, Fastmarkets understands.
“Since this deal was done, the market looks a little better now- perhaps the seller blinked too soon and could have achieved $5 higher this week if it had waited,” a South...