The Davis Indexes for containerized ferrous scrap increased in New York and Los Angeles, while there were some mixed movements in Seattle and San Francisco.
The weekly Davis Index in New York for #1busheling and HMS 1&2 (80:20) increased by $4/mt to $243/mt fas and to $213/mt fas, respectively. The index for machine turnings also increased by by $4/mt to $183/mt fas. P&S 5ft rose by $8/mt to $231/mt fas, while shredded also increased by $8/mt to reach $228/mt fas. Optimism over export potential to Asian markets, as well as Turkish scrap import prices recently rising, has caused East Coast containerized export prices to increase.
On the West Coast, market participants in the Los Angeles area reported transactions at $200-208/mt fas for HMS 1&2 (80:20). A buyer for Taiwan reported that, with limited inventory available, purchase prices on the latest deals have risen. He added that yards were still shipping lower priced orders, which pushed his buying prices slightly higher.
Some sellers expressed concern that price increases this week could be short-lived because Asian mills may have replenished scrap for production next month. Domestic finished steel demand and export opportunities for finished steel products in many importing markets remain relatively week.
In Los Angeles, the weekly Davis Indexes for #1busheling declined by $2/mt to $213/mt fas, but increased by $3/mt for HMS 1&2 (80:20) to $204/mt. The index for P&S 5ft increased by $4/mt to $223/mt fas and increased for shredded by $1/mt to $227/mt fas.
The weekly Davis Index in San Francisco was flat at $225/mt fas for #1busheling, and increased for HMS 1&2 (80:20) by $3/mt to $193/mt fas. The index for P&S 5ft decreased by$3/mt to $219/mt fas, and was unchanged for shredded scrap at $223/mt fas.
The weekly Davis Indexes in Seattle for #1busheling decreased by $2/mt to $208/mt fas, while HMS 1&2 (80:20) remained flat at $185/mt fas, P&S 5ft decreased by $4/mt to $206/mt fas, and shredded remained unchanged at $210/mt fas.