W. Coast scrap mart surges on Taiwan return
Aug 29, 2013 | 05:30 PM
| Sean Davidson
NEW YORK West Coast ferrous scrap exports picked up momentum this week as several factors contributed to a double-digit increase in containerized scrap sales and bulk offers.
Market participants attributed the strengthening to renewed demand from Taiwan and Mexico, limited scrap supply along the West Coast and rising scrap prices in domestic Asian markets.
Sales of containerized shipments of an 80/20 mix of No. 1 and No. 2 heavy melt scrap were reported in a range of $360 to $365 per tonne c.f.r. Taiwan, up $10 to $15 from sales at the end of July (amm.com, July 30). Some sources said offers to Taiwan have already hit $370 per tonne with no takers.
Bulk export prices are also expected to follow the trend with the latest bid-offer range reportedly at $385 to $395 per tonne, as compared to the last West Coast bulk sale into China at $370 per tonne c.i.f China for HMS 1&2 (80:20). ....
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