Ferrous export tags up, but volumes a concern
Nov 23, 2011 | 03:30 PM
| Sean Davidson
NEW YORK Several export yards on the East and West coasts have raised ferrous scrap buying prices by at least $20 per gross ton this past week, but the improved offers might not prove effective in securing volumes, market participants told AMM.
Strong export demand is supporting higher prices on the West Coast, while East Coast sources said higher domestic price offers from some mills, combined with better export prices for containerized scrap, will push prices higher.
Most sources said market anticipation and speculation that domestic scrap prices could go up in December and January will make it hard for export yards to attract volumes with this past weeks increases.
On the West Coast, exporters said they were testing higher numbers and would have a clearer price idea later based on supplier response. Two large exporters off the West Coast said they had raised buying prices on heavy melt and shredded scrap by $20 per gross ton.
"All of a sudden, from no activity whatsoever, foreign consumers came back in the market and started buying. We couldnt make sales for a couple of weeks, and all of a sudden, activity picked up," one exporter said. "So we put our foot in the water to test the new prices."....
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