US East Coast and Houston dock collection prices for ferrous scrap trended down for the second successive week on softening exports and pricing, following gains made in February through early March.

Dockside prices have declined by about $10/gt since Mar 16, based on dock location and prior price levels. Pricing for new orders of #1 HMS will stand at around $335/gt by Wednesday as announced by several bulk exporters from Philadelphia to New York.

East Coast dock sales for #1 HMS are transacting between $325-350/gt. In Boston, docks are paying $325-330/gt for the grade at present and remote material priced near the high end of that range at various export yards on Tuesday based on demand and material flow particulars.

Market participants foresee more price erosion by the end of this week but note that bulk yards are short on inventory for new orders with no ground inventory or small volume remaining once final loading from prior orders completes on Tuesday.

Export activity remains subdued, and prices have fallen as material supply grows at export destination mills. The Davis Index for USHMS 1&2 (80:20) exports to Turkey is at $419.17/mt cfr on Tuesday with the possibility to decline by another $5-10/mt.

Current levels for US-origin material to Turkey dropped by $11.66/mt in one week from $430.83/mt cfr on Mar 16 and fell by $25.63/mt in one month compared to$444.80/mt on Feb 23.

In Boston, the weekly Davis Index for export yard #1 HMS moved down by $10/gt to $328/gt and fell $9/gt for PS 5ft to $339/gt, delivered Boston dock. Shredder feed declined by $11/gt to $248/gt delivered.

The weekly Davis Index for export yard buying prices in New York decreased by $11/gt for #1 HMS to $336/gt delivered and dropped by $13/gt for PS 5ft to $345/gt delivered New York dock. The index for shredder feed declined by $9/gt to $268/gt delivered.

In Philadelphia, the Davis Index for export yard collection prices of #1 HMS decreased by $9/gt to $335/gt delivered and PS 5ft went down by $8/gt to $346/gt delivered Philadelphia dock. The index for shredder feed fell by $13/gt to $265/gt delivered.

The weekly index in Houston dropped by $13/gt for #1 HMS to $330/gt while PS 5ft decreased by $10/gt to $350/gt delivered Houston dock. The shredder feed index fell by $12/gt to $248/gt delivered.

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