West Coast ferrous scrap prices rally

Jul 19, 2013 | 05:01 PM | Sean Davidson

Tags  scrap, ferrous scrap, steel scrap, exports, heavy melt, shred, China, South Korea Taiwan

NEW YORK — Ferrous scrap export activity has finally picked up momentum on the West Coast after several weeks of lackluster sales, with at least six bulk cargoes reportedly sold in the past week.

Market participants said that at least five cargoes were sold to China and South Korea in addition to a bulk cargo sale to Taiwan (amm.com, July 16).

Four bulk cargoes were sold to a single consumer in China at a price basis of around $362 per tonne c.i.f. China for an 80/20 mix of No. 1 and No. 2 heavy melt. Some sources said they believe the price for at least one of those cargoes was as high as $365 per tonne on an HMS 1&2 (80:20) basis, which others believe actually reflected a composite price of heavy melt and shred and not the heavy melt price.....

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