W. Coast ferrous export prices to take hit
Oct 03, 2012 | 04:32 PM
| Sean Davidson
NEW YORK U.S. West Coast ferrous scrap export prices are expected to weaken after a handful of large California exporters announced price drops at their yards.
The downward price trend comes amid reduced demand from Taiwan and South Korea, as well as significantly weaker domestic market cues, market participants said.
At least one large exporter in Los Angeles lowered its buying prices by $10 per gross ton Wednesday after exporters in San Francisco lowered buying prices at their docks by $10 per ton last Friday, AMM understands. Prices are down $10 per ton for all grades, sources confirmed.
Export offers have logged a similar slide, although few actual trades have occurred at the lower levels, most sources agreed.....
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