NEW YORK West
Coast export prices for bulk shipments of ferrous scrap
continued to climb on strong demand from several Far East Asian
countries last week.
News emerged of two
bulk cargo sales to China and one to Thailand, and a consumer
in South Korea reportedly was negotiating a price on four
said one exporter sold two bulk cargoes to a consumer in China
at a composite price of around $382 per tonne c.i.f. China for
equal volumes of shred and an 80/20 mix of No. 1 and No. 2
A second cargo of only
shredded scrap reportedly was sold by a trading company to a
mill in Thailand at $390 per tonne c.i.f. Thailand.
All three sale prices
were well above the last bulk sale off the West Coast, which
reportedly traded at $377 per tonne c.i.f. Taiwan for a
smaller-sized vessel (amm.com, Oct. 14).
West Coast Ferrous Scrap Export Index settled Oct. 21 at
$344.89 per tonne f.o.b. Los Angeles, up 1.6 percent from
$339.61 a week ago.
Bid and offer prices
are now in a range of $380 to $385 per tonne c.i.f. South Korea
for No. 1 heavy melt, according to several sources, who expect
a Korean consumer to book four bulk vessels in that range
within the next day or two.
"We are now entering
winter, so everybody is going crazy," a Korea-based mill buyer
said. "This is a very important time in the (Far East Asian)
region. Any cargoes booked now will reach late December (or)
early January, when domestic market scrap collections are very
One U.S. exporter said
bad weather conditions had dried up scrap collections in Japan,
the largest exporter of ferrous scrap to China and Korea.
"Japan has been raising prices. I think were entering a
supply-driven pricing model now, so I think prices will
continue to rise. Scrap flows are tight on the West Coast,
which is also having an impact on price," he said.
East Coast Ferrous Scrap Export Index settled flat Oct. 21
at $352.08 per tonne f.o.b. New York, with no business done
during a week-long religious holiday in Turkey.