NEW YORK West Coast
ferrous scrap bulk export prices dropped between $5 and $10 per
tonne this past week in response to continued weak market
conditions in Far East Asia.
One week after an exporter sold
two bulk cargoes to China at $420 per tonne c.i.f. for an 80/20
mix of No. 1 and No. 2 heavy melt, a second exporter reportedly
sold an additional two bulk cargoes this past week to the Asian
nation, indicating a slight demand uptick from the worlds
largest steel producer, but not a return to earlier highs.
However, the later cargoes,
composed of HMS 1&2 (80:20) and shredded scrap, were booked
at a composite price of $415 per tonne c.i.f. China, according
to sources, indicating that heavy melt tags dropped more than
$5 per tonne, given that shred traditionally sells at a premium
to heavy melt.
Meanwhile, two South Korean
mills came together to book a single bulk cargo at a price
basis of $415 for HMS 1&2 (80:20) tonne c.i.f. Korea,
The cargo left U.S. shores on
March 27 and was booked in the prior week, AMM
understands. One mill booked 14,000 tonnes of busheling and
bonus scrap at prices $15 to $20 per tonne above the heavy melt
price, while the second mill booked heavy melt and shred.
Meanwhile, shippers of containerized scrap said the market
had been quiet all week, with little demand and prices
unchanged after the prior weeks drop to a $370-per-tonne
c.f.r. Taiwan price level, with one bid reported at $360 per