NEW YORK U.S.
bulk ferrous scrap export tags continued to slide this week,
with cargoes sold to South Korea, Taiwan and Turkey at
After a long quiet
period, demand from Asia returned to U.S. shores, albeit with
lower bid prices that two exporters finally accepted.
One West Coast export
yard reportedly sold two bulk cargoes Feb. 17 to different
mills in South Korea at $362 to $363 per tonne c.i.f. Korea for
No. 1 heavy melt, with prices for an 80/20 mix of No. 1 and No.
2 heavy melt said to be a dollar lower.
said the cargoes most likely comprise 20,000 tonnes of heavy
melt, 10,000 tonnes of shred sold at $368 per tonne and 2,000
tonnes of plate and structural scrap sold at $373 per
The prices represent a
$23-per-tonne drop from the last U.S. bulk sale to Korea, which
concluded more than a month ago at $385 per tonne for No. 1
A day later, a second
West Coast exporter sold a bulk cargo to Taiwan at $364 per
tonne c.i.f. Taiwan for 12,500 tonnes of HMS 1&2 (80:20)
and $369 per tonne for 12,500 tonnes of shred.
A source familiar with
the Taiwan sale said the exporter was forced to sell the cargo
at those price levels because of the first exporters
"weak sales to Korea."
"I think the price is
going to go up $5 to $10 (per tonne) on the next sale because
there is a lot of demand. Too many mills are looking for
cargoes. All of Korea wants to buy, as do Vietnam and Taiwan,"
mills reportedly returned to the U.S. East Coast, with talk of
one cargo sold at $352 to $354 per tonne c.i.f. Turkey for HMS
1&2 (80:20), some $4 to $6 per tonne below sales the
previous week (
amm.com, Feb. 13).
The cargo reportedly
sold at a composite price of $359 per tonne for a 45,000-tonne
cargo divided equally between HMS 1&2 (80:20) and plate and
structural, AMM understands.
Some traders said a
second cargo had been sold to Turkey but no information was
available on the price or material.