US East Coast and Houston dock collection prices for ferrous scrap trended sideways for the third successive week. Dockside prices are in line with rangebound export prices along with slow export activity over the past month.
Dockside activity was quiet on Tuesday with no new price announcements coming from bulk exporters as coastal activity was overshadowed by the domestic ferrous trade that kicked off on Monday with secondary grades falling by $20/gt in the Midwest and domestic East Coast transactions following the trend.
East Coast dock sales for #1 HMS were transacting in the full range of $315-340/gt on Tuesday like last week, with remote material priced at the top of the scale. The material is largely transacting closer to $335-340/gt in Philadelphia, with transactions in New York at the mid- to low-range and deals in Boston at the low-end of the scale.
The Davis Index for US HMS 1&2 (80:20) exports to Turkey inched up by $3.25/mt over last week to $427/mt cfr on Tuesday compared to $423.75/mt cfr on Mar 30. Price levels are climbing as Turkish mills plan to book cargoes for May and June shipment.
In Boston, the weekly Davis Index for export yard #1 HMS moved down by $2/gt to $323/gt and remained unchanged for P&S 5ft at $335/gt delivered Boston dock. Shredder feed ticked down by $3/gt to $235/gt delivered Boston export yard.
The weekly Davis Index for export yard buying prices in New York decreased by $3/gt for #1 HMS to $331/gt delivered and fell by $5/gt for P&S 5ft to $340/gt delivered New York dock. The index for shredder feed declined by $5/gt to $256/gt delivered.
In Philadelphia, the Davis Index for export yard collection prices of #1 HMS ticked up by $3/gt to $338/gt delivered and P&S 5ft moved up by $2/gt to $346/gt delivered Philadelphia dock. The index for shredder feed fell by $2/gt to $256/gt delivered.
In Houston, the weekly Davis Index moved up by $3/gt for #1 HMS to $333/gt and P&S 5ft inched up $2/gt to $352/gt delivered Houston dock. The shredder feed index fell by $3/gt to $241/gt delivered. The region has shifted focus from export to domestic trading.