US East Coast dock collection prices for ferrous scrap were relatively close to last week’s levels amid continued, low export activity and a healthy supply of material for most grades and dock locations.
However, the Houston dock witnessed upward momentum and price growth due to a return in Turkish activity. Mexico is seeing elevated demand with prospects to export scrap at rising prices, which is also affecting scrap tags in Houston.
Industry participants anticipate the East Coast dockside market will hover around the current price level with HMS 1&2 (80:20) at $220-230/gt on Tuesday. Otherwise, prices could move down slightly this week or through the rest of October.
Domestic scrap trading wrapped up on Oct 9 with price points unchanged or concluding with soft movements against September. The export market could see activity in Asian markets pick up soon. However, proposals between the US and Turkey have lingered near $290/mt cfr since late September.
In Boston, the weekly Davis Index for export yard HMS 1&2 (80:20) moved up by $2/gt to $229/gt delivered dock. P&S 5ft remained at $239/gt delivered Boston dock while shredder feed slipped by $6/gt to $159/gt delivered.
Some sellers believe bulk exporters at the Boston dock are experiencing some tightness in supply, which is holding up HMS 1&2 (80:20) prices for now.
The weekly Davis Index for export yard buying prices in New York declined by $1/gt to $225/gt delivered for HMS 1&2 (80:20). P&S 5ft was flat at $235/gt delivered, while shredder feed slipped by $3/gt to $168/gt delivered.
In Philadelphia, the index for export yard collection prices of HMS 1&2 (80:20), P&S 5ft and shredder feed ticked down by $2/gt to $227/gt delivered, $238/gt delivered, and $170/gt delivered, respectively.
Sellers to bulk exporters in New York and Philadelphia believe current prices will stand over the next two weeks, or possibly fall by $5/gt.
Meanwhile in Houston, the weekly Davis Indexes increased by $17/gt for HMS 1&2 (80:20) to $262/gt, while P&S 5ft moved up by $14/gt to $272/gt. The shredder feed index rose $13/gt to $193/gt delivered.