US ferrous scrap export market quiet
The United States’ ferrous scrap export market has quieted, with no deals reported since Monday March 14
While no scrap cargoes have been reported sold off the East Coast since March 3 and March 8, US exporters remain busy filling a healthy backlog of previously booked deals.
Exporters have no need to rush into international sales when the US domestic market is poised for another tremendous round of price increases in April.
Sellers suggest that cut grades and shredded scrap could increase by as much as $40-60 per gross ton, and No1 busheling and No1 bundles by another $100 per ton in the April domestic trade.
US exporters have not been active in the recent spate of deals to Turkey but the international market is strong. A steel mill in the Marmara region booked a cargo from the United Kingdom comprised of No1 and No2 heavy melting scrap (80:20) at $651 per tonne and bonus-grade material at $681 per tonne cfr late on March 21.
East Coast dock buying prices are steady after recent increases.
The export yard buying price for No1 HMS, delivered to yard Philadelphia was at $450 per ton on March 21, No1 HMS, delivered to yard New York at $445 per ton and No1 HMS, delivered to yard Boston at $415 per ton - all unchanged from one week earlier.
Fastmarkets’ weekly calculation of the steel scrap HMS 1&2 (80:20), export index, fob New York held at $575 per tonne on March 23 due to the lack of reported sales.
The shredded scrap, export index, fob New York was static at $593 per tonne on the same date.
The West Coast moved higher after a shipper in the region sold a cargo comprising an unspecified tonnage of HMS 1&2 (80:20) priced at $715 per tonne cfr on March 14.
Fastmarkets steel scrap HMS 1&2 (80:20), export index, fob Los Angeles, was calculated at $615 per tonne on March 23, up by 0.82% from $610 per tonne one week earlier.
Exporters on the West Coast held the line on dock buying prices, with No1 HMS, delivered to yard Los Angeles steady at $340 per gross ton.