Ferrous scrap export tags leap up to $20/T (UPDATE)

Nov 19, 2009 | 10:33 AM | Michael Marley

Ferrous scrap prices have risen at East Coast docks as the big exporters begin amassing tonnage to fill new orders from Turkey, with West Coast prices also driving higher.

At the same time, the big yards are feeling pressure from the host of ferrous scrap container shippers who have upped the prices they are paying, according to one industry source. Many of the containers are destined for China, India and other Asian steelmakers, he said.

Prices at the scale at U.S. East Coast export yards are averaging from $210 to $215 per long ton for No. 1 heavy melting steel scrap and as much as $230 per ton for shredded scrap from outside suppliers and $225 per ton for the bonus grade (5-foot plate and structural scrap), sources said. That puts prices up between $10 and $15 per ton from prior levels.....