NEW YORK Ferrous scrap export prices have gained momentum after U.S. exporters concluded at least seven bulk cargo sales to Turkey over the past 10 days at slightly higher levels.
Two of the sales were out of Gulf Coast ports, according to several market participants, while five were from East Coast docks.
The majority of the sales took place in the days leading up to the Christmas holiday, with just one transaction concluded in the days since. The most recent sale, made Dec. 26 off the East Coast, reportedly was a mixed cargo of about 13,000 tonnes of an 80/20 mix of No. 1 and No. 2 heavy melt, 10,000 tonnes of shred and 2,000 tonnes of plate and structural scrap at a composite price of $400 per tonne c.i.f., but the cargo will attract higher freight than larger, 40,000-tonne vessels.
Wednesdays sale, made during an extremely quiet holiday week, followed a Dec. 21 bulk sale reportedly made off the East Coast at a composite price of $396 per tonne c.i.f. for around 25,000 tonnes of HMS 1&2 (80:20), 14,000 tonnes of shred and 2,000 tonnes of plate and structural scrap.
The two most recent East Coast sales came on the heels of a big week for one U.S. exporter, which reportedly sold five cargoes the week before Christmas, including three off the East Coast and two off the Gulf Coast. The exporter booked the last of the East Coast sales Dec. 19 at $393.50 per tonne c.i.f. for HMS 1&2 (80:20) (amm.com, Dec. 20).
Off the Gulf Coast, the exporter sold a 40,000-tonne cargo of HMS 1&2 (85:15) and plate and structural scrap at an average price of $403 per tonne c.i.f. Turkey on Dec. 21. Three days earlier, the exporter had booked a bulk cargo sale out of New Orleans at $393 per tonne c.i.f. on an HMS 1&2 (80:20) basis.
All five East Coast bulk sales concluded during the past 10 days were made above previous price levels , pushing overall export tags higher. AMMs East Coast Ferrous Scrap Export Index for HMS 1&2 (80:20) settled higher Thursday at $368.43 per tonne f.o.b. New York, up 1.4 percent from $363.30 on Dec. 17.
On the West Coast, meanwhile, market participants said there had been no bulk sales this week but confirmed sales of two cargoes to China last week in a range of $400 to $405 per tonne c.i.f. China on an HMS 1&2 (80:20) basis.
The sales pushed AMMs West Coast Ferrous Scrap Export Index for HMS 1&2 (80:20) nearly 0.5 percent higher Thursday to $364.50 per tonne f.o.b. Los Angeles from $362.82 on Dec. 17.