NEW YORK U.S.
bulk ferrous scrap export prices stayed relatively unchanged as
trade came to a virtual standstill this past week.
Bulk sales to Turkey
stalled as buyers backed away from markets after several weeks
of amassing large volumes to cover inventory into
said Turkish mills booked only four bulk cargoes last
weekone out of Canada after being diverted from Egypt (
amm.com, Aug. 21), another from the United Kingdom
and two from Scandinavia.
"Buyers in Turkey are
covered and could be on standby for some weeks. They will wait
to see the development of their sales on finished steel," one
A second source said
that a lot depends on how U.S. domestic scrap prices fare in
September. "Turkey might probably take a break for two to three
weeks as they wait to see what the U.S. scrap market will do in
September," he said.
The lack of U.S.
export sales kept AMMs weekly
East Coast Ferrous Scrap Export Index for an 80/20 mix of
No. 1 and No. 2 heavy melt unchanged Aug. 26 at $354.21 per
tonne f.o.b. New York.
On the West Coast,
sources said that a few Asian mills are entertaining bids but
none would confirm any transactions. The only reported sale was
a bulk cargo to China the previous weekend at a price basis of
$375 per tonne for shredded scrap.
reportedly are aiming higher due to two significant
developments over the past few days. The first was an increase
in domestic prices in Japan following a push by Tokyo Steel
Manufacturing Co. Ltd.; the second was an almost $10-per-tonne
increase in bid prices to Taiwan, with shredded scrap bids
reportedly hitting $380 per tonne, according to sources.
"There is not much
going on as West Coast suppliers try to push prices up by $10
to $15. More demand is coming back and Japan exports
arent widely available at the moment," a third source
West Coast Ferrous Scrap Export Index settled Aug. 26 at
$337.58 per tonne f.o.b. Los Angeles, up 0.4 percent from
$336.16 a week earlier.