NEW YORK U.S.
export prices for zorba have stabilized despite falling demand
from Chinese buyers, sources said, noting that gains in
terminal markets were "artificially holding the zorba market
Prices for the
nonferrous auto shred with 94- to 95-percent metallic content
are around 72 to 73 cents per pound while 90- to 92-percent
material is about 69 to 70 cents, both steady compared with
Dec. 9, most export sources said.
One major exporter
said he had been able to achieve slightly higher prices in the
past few days at "around 74 to 75 cents per pound for the
Several exporters said
that prices likely would hold steady for the next couple of
weeks, with possible increases at the very end of the year.
"I expect to see more
interest as we exit this year, with pricing moving back up a
bit," a second exporter said. "Copper is strong, aluminum is
strong, and demand has not gone away in the world. Ive
heard 73 to 75 (cents) to China for the 95-percent stuff. That
price should rise as China comes back into the picture."
anticipated re-entry in the market is more cyclical than some
would believe, traders said. "Their new year begins at the end
of January, which means everybody will be coming back online
shortly after that. If you calculate shipping time, its
pretty easy to see why they would be looking to buy material in
late December and early January," one said.
Others noted that
buying activity had slackened over the past two weeks, but
prices were being buoyed by relatively strong exchange prices.
"Terminal markets are helping us out right now," a third
exporter said. "Supply and demand is the primary driver of the
zorba market, but right now we are seeing buyers holding prices
simply because the (London Metal Exchange) and Comex have
recovered nicely over the past few weeks."