NEW YORK U.S. East Coast
ferrous scrap export prices held steady this past week despite
lower volumes, with only two confirmed bulk cargo sales to
Market participants noted a sale
at a composite price of $457.50 per tonne c.f.r. for one bulk
cargo containing an 80/20 mix of No. 1 and No. 2 heavy melt,
shredded steel scrap, and plate and structural scrap.
A second cargo sold at $452 per
tonne c.f.r. for 80/20 heavy melt, $457 for shredded and $462
for plate and structural scrap. The $452 price for 80/20 heavy
melt indicates a sideways market compared with a week earlier,
when bulk heavy melt sold to Turkey in a range of $451 to $453
per tonne c.f.r. (AMM, April 10).
One large exporter said the
market was "sideways firm" this past week.
"You cant go by one or two
cargoes to call the market. Its sideways, but its
not going down. Business is good, and theres not a lot of
inventory on the East Coast," he said.
Sources said U.S. exporters
continued to receive numerous inquiries for scrap from
East Coast shippers of
containerized scrap also reported a sideways market, as
container supply remains a concern.
Container freight costs have
kept a lid on prices to India, but there has been barely any
buying interest, sources said.
Container shred offers stand
between $490 and $495 per tonne c.f.r. Nhava Sheva, India,
while containerized 80/20 heavy melt offer prices range from
$465 to $475 per tonne c.f.r. Nhava Sheva.
One container exporter said he
had concluded sales of shredded scrap at $438 to $440 per tonne
f.a.s. New York. Shredded scrap sold to Chennai at $490 per
tonne c.f.r, indicating a freight cost of $50 per tonne to the
southern Indian port.
"Sales on container movement are
all based on if you have a booking. . . . You can buy
in the market if you have a booking, as all sales have been
week by week instead of everyone selling at the start of the
month," a second containerized scrap shipper said. "United
Kingdom pricing is coming off a little bit, so it should be
interesting to see . . . what effect that has on the
A third container exporter said
that quotes out of the Mid-Atlantic region were "steady to up a
few bucks" compared with two weeks ago. The market recorded the
increase around April 5, mostly due to freight increases.
India was still offering the
best price for containerized shredded scrap, but "you cannot
get it there," one large broker said, noting that one shipping
company has indicated it will not ship any scrap metals to
A few others, however, said they
had no difficulty shipping containers to India. "Indian buyers
are still looking, despite freight increases," an exporter in
the Mid-Atlantic said. "They want more, but were sold