NEW YORK U.S.
bulk ferrous scrap export sales were relatively quiet this past
week as only two cargoes were sold from the East and West
An East Coast cargo
sale to Turkey late last week was reportedly concluded at an
average price of $369 per tonne c.i.f. Turkey for a mixed cargo
scheduled to carry equal tons of shredded scrap and a 90/10 mix
of No. 1 and No. 2 heavy melt.
While the prices for
the bulk scrap delivered to Turkey were on par with previous
sales out of the United States, the smaller vessel size, which
attracts higher freight rates, meant that pre-shipping values
of East Coast scrap shed a few dollars.
As a result,
East Coast Ferrous Scrap Export Index settled Oct. 7 at
$332.68 per tonne f.o.b. New York, down 1.9 percent from
$339.05 per tonne a week ago. The drop was due mostly to the
differential in freight rates for vessels of around 30,000
tonnes vs. 40,000-tonne and larger vessels.
said it was still unclear where prices are heading, but one
trader sourcereferencing a late Oct. 7 sale out of
Europesuggested prices are likely to firm.
A European sale to
Turkey concluded at a composite price of $373.50 per tonne
c.i.f. Turkey for 21,000 tonnes of HMS 1&2 (80:20), 7,000
tonnes of shredded scrap and 7,000 tonnes bonus-grade material,
the trader said. "This puts the (U.S.) HMS 80:20 price up to
$370- to $371-per-tonne levels," he said.
However, a second
trader said it was still too early to determine the next price
levels for U.S. sales.
On the West Coast,
only one exporter reportedly sold a bulk cargo to South Korea,
marking the second in two weeks for the same exporter.
said the lone cargo was booked at $365 per tonne c.i.f. South
Korea for 2,000 tonnes of HMS 1&2 (80:20), $370 per tonne
for 13,000 tonnes of shredded scrap and $380 per tonne for
10,000 tonnes of bonus-grade material.
The sale caused a
marginal shift in pre-shipping prices as AMMs
West Coast Ferrous Scrap Export Index settled at $332.20
per tonne f.o.b. Los Angeles, down 0.2 percent from $332.94 per
Much like the
uncertainty prevailing over prices to Turkey, one exporter said
there continues to be a lot of interest from some Far East
Asian buyers for bulk West Coast scrap but no price
"I feel this market is
up. But by how much? Is it up $5 or $10? I really dont
know at this point, so Im being cautious with my offers
for November deliveries," he said.