NEW YORK U.S. West Coast
ferrous scrap export prices received a modest boost after one
exporter completed a bulk sale to Southeast Asia this week.
Market sources said a mixed
cargo of heavy melt and shredded scrap was sold to Vietnam at
prices about $10 per tonne higher than previous sales.
The cargo was said to be mostly
an 80/20 mix of No. 1 and No. 2 heavy melt that sold for $423
per tonne c.f.r. Vietnam, with a small volume of shredded sold
at $428 per tonne c.f.r.
Although the sale appeared to be
significantly higher in terms of delivered price compared with
previous transactions of $407 per tonne c.f.r. for No. 1 heavy
melt sold to South Korea, the freight to Vietnam was much
higher. Sources said the sale to Vietnam represented a price
level of about $380 per tonne for HMS 1&2 (80:20), about
$10 higher than previous export sales.
The sale was the first confirmed
bulk sale off the West Coast in more than a week and came
shortly after export docks raised buying prices by $10 per
tonne to compete with a burgeoning domestic market (
amm.com, Aug. 1).
At that time, a source said the
price increases had little to do with positive market
"Export brokers have been
pushing the heavy melt price here in attempts to lock in
tonnage, and the slow inflow of scrap has initiated price
increases at competitor yards," he said. "Raising prices in
these markets is not as much a sign of optimism in future
pricing as it is a competitive response to reduced
AMMs West Coast
Ferrous Scrap Export Index was unchanged Monday at $369.13 per
tonne f.o.b. Los Angeles for HMS 1&2 (80:20) due to the
lack of activity last week (
amm.com, Aug. 13).
AMM reported market
rumors of a bulk sale at about $10 per tonne higher into South
Korea, but sources later reported the sale to Vietnam with no
confirmation of any trade with Korea.
South Korean consumers remain
focused on securing cheaper scrap from Japan and Russia this
week, one source said.