NEW YORK West Coast bulk
ferrous scrap export prices shed a few dollars this past week
after exporters concluded several deals with Asian mills.
Following a long lull in bulk
exports off the West Coast, exporters concluded at least four
bulk cargo sales after lowering offers for heavy melt scrap
from $390 per tonne c.i.f. Pusan, South Korea, according to
One Korean consumer picked up
two bulk cargoes at $388 and $389 per tonne c.i.f. for heavy
melt. The transaction apparently was completed about 10 days
ago but reports didnt surface in the market until this
The two sales broke a nearly
two-week-long freeze on West Coast bulk sales as Asian mills
opted to wait for more visible market signals on price trends,
Two U.S. exporters sold a bulk
cargo each to Korea and Vietnam in the past week. A third bulk
sale to a different Korean mill from the one that earlier
bought two cargoes reportedly was concluded at $385 per tonne
c.i.f. And AMM learned late Thursday that a different
exporter had concluded a sale to a mill in Vietnam at $403 per
tonne c.i.f. for shredded scrap.
This past weeks sales
represent a $3 to $4 softening of export tags to Korea,
according to sources.
A few sources speculated that
the market could strengthen, based on emerging bullish trends
in the region, and a source at a Korean mill said that U.S.
bulk offers were back to $390 per tonne c.i.f.
Tokyo Steel Manufacturing Co.
Ltd., which many consider to be a strong indicator of regional
trends, raised its scrap buying prices across all plants and on
all grades by about $12 per tonne this past week following an
$11-per-tonne rebound in Japanese scrap exports to be delivered
Shippers of containerized scrap
also have expressed confidence in the market, with many holding
off on sales until prices improve. Sources said that
containerized scrap prices for an 80/20 mix of No. 1 and No. 2
heavy melt held steady in a range of $355 to $360 per tonne
"I think Taiwan has taken the
(container) market as far down as they can," one source said.
"My feeling is that we are at a bottom, and any future business
could be up slightly."
"We are in a holding pattern
here (until) the market moves back up to the $370 number," said
a second exporter of containerized scrap to Taiwan.