Ferrous scrap export demand up, US lags

Nov 05, 2009 | 11:55 AM | Michael Marley

Domestic demand for ferrous scrap might be slowing as the market heads toward the year's end but export demand, particularly for scrap in containers, is picking up speed.

Demand for containerized scrap has risen sharply in the past week, industry sources said, adding that steelmakers and scrap importers from southern Asia are the most aggressive buyers at this time.

Indian importers are offering as much as $245 per tonne f.o.b. for shredded in containers at the ports along the U.S. East Coast, one trader in the South said. As a consequence, some smaller and mid-sized scrap dealers in the region and along the East Coast have rejected offers of $235 per long ton for shredded, the prevailing price throughout much of the country thus far in November.....