W. Coast scrap export prices sink to 5-year low

May 22, 2013 | 04:47 PM | Sean Davidson

Tags  scrap, exports, West Coast, South Korea scrap, Taiwan scrap, China scrap, steel scrap, heavy melt Sean Davidson

NEW YORK — West Coast ferrous scrap export prices for bulk shipments have dropped to a nearly five-year low as exporters continue to search for demand in Far East Asia.

Market participants said that at least one bulk cargo was recently sold to a South Korean consumer at a price basis of around $368 to $369 per tonne c.i.f. South Korea for an 80/20 mix of No. 1 and No. 2 heavy melt.

A buyer for a different South Korean mill said this transacted price marked the lowest price level the market has seen in four years and 10 months. He said the consumer in the deal had originally bid $365 per tonne before agreeing to $369 per tonne, although other sources said the cargo was ultimately booked at $368 per tonne. Some sources suggested that at least one additional cargo was sold to Korea this past week at the same price level.....

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