W. Coast ferrous scrap export prices rise

Aug 06, 2012 | 03:53 PM | Sean Davidson

Tags  ferrous scrap, AMM Ferrous Scrap Export Index, HMS 1&2 (80:20), Sean Davidson

NEW YORK — Ferrous scrap export prices jumped more than 2 percent on the West Coast in the past week after a bulk sale to South Korea met market expectations of stronger tags.

The sole bulk sale off either coast comprised only No. 1 heavy melt scrap, reportedly traded at $407 per tonne c.f.r.

The sale moved AMM’s West Coast Ferrous Scrap Export Index 2.1 percent higher Monday to $369.13 per tonne f.o.b. Los Angeles for an 80/20 mix of No. 1 and No. 2 heavy melt, up from $361.64 previously.

The transaction coincided with price increases at West Coast docks looking to secure scrap flow despite very thin sales of bulk cargoes in the past few weeks.....

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