W. Coast scrap market set to weaken further

Oct 09, 2012 | 03:51 PM | Sean Davidson

Tags  ferrous scrap, scrap exports, heavy melt, shredded scrap, scrap prices, HMS 1&2 (80:20), West Coast exports, Sean Davidson

NEW YORK — U.S. West Coast ferrous scrap tags look poised to shed another $10 per gross ton as export sales and weaker domestic pricing forced at least one large exporter to reduce buying prices Tuesday.

This week’s price drop at one exporter’s facilities in California comes barely a week after those in Los Angeles and San Francisco lowered buying prices at the docks (amm.com, Oct. 3).

At the time, market participants said the move was a defensive one for a market anticipating lower export and domestic tags.

Since the early October price drop at export yards, domestic tags have fallen an average of $23 per ton, with sales of different grades, volumes and locations to various mills located along the West Coast and some adjoining states registering declines ranging from $20 to $35, some sources said.....

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