US East Coast and Houston ferrous scrap dock collection prices mostly trended sideways amid weak export activity. Export demand from Turkey is sluggish this week as November bookings were accomplished, by the end of October.
The most recent deals from the US to Turkey transacted at the beginning of last week and stand at $292-295/mt cfr for HMS 1&2 (80:20). Negotiations for December shipment cargoes are expected to start later this week.
Dockside prices on the East Coast ticked up in small increments on Tuesday as significant tonnage needs to be fulfilled on the flurry of export orders from last week. Material needed to fill prior orders should hold dock prices steady until domestic trading formally begins on Wednesday or Thursday.
Domestic scrap prices are projected to remain flat for the most part, with some upward potential, especially for prime grades. Once trading begins, the markets could gain more overall price direction.
In Boston, the weekly Davis Index for export yard HMS 1&2 (80:20) and P&S 5ft ticked up by $1/gt to $230/gt delivered dock and $240/gt delivered Boston dock, respectively. Shredder feed moved up by $3/gt to $168/gt delivered.
The weekly Davis Index for export yard buying prices in New York climbed by $5/gt for HMS 1&2 (80:20) and P&S 5ft to $232/gt delivered and $241/gt delivered dock, respectively. Shredder feed rose by $6/gt to $173/gt delivered.
In Philadelphia, the index for export yard collection prices of HMS 1&2 (80:20) and P&S 5ft increased by $5/gt to $231/gt delivered and $240/gt delivered Philadelphia dock, respectively. The index for shredder feed climbed $9/gt to $175/gt delivered.
In Houston, the weekly Davis Index was flat for HMS 1&2 (80:20) at $253/gt delivered. P&S 5ft fell $2/gt to $266/gt delivered Houston dock. Shredder feed was unchanged at $196/gt delivered.