US East Coast collection prices for ferrous scrap were rangebound for the second straight week as recent export activity decelerated and prices gradually ticked down. Houston dock prices were flat on Tuesday after a price boost last week as dockside moves caught up with domestic levels.
The Davis Index for US HMS 1&2 (80:20) exports to Turkey has shown little movement over the past month. However, it began to fall slightly over the past week. The index for the grade is at $497.50/mt cfr compared to $503.48/mt cfr on Jun 15. The extended monthly view shows a downside compared to $513.19/mt cfr for the export-grade on May 25.
Dockside sales for #1 HMS on the East Coast are mostly unchanged and remained between $370-410/gt on Tuesday based on dock location and base price from prior sales. Market participants assumed last week that East Coast dock prices peaked in the short term and now expect to see modest price drops over the next week or so.
In Boston, prices modestly increased to pull alongside levels at surrounding docks. The weekly Davis Index for export yard #1 HMS climbed by $7/gt to $380/gt and P&S 5ft rose by $6/gt to $390/gt delivered Boston dock. Shredder feed moved up by $12/gt to $270/gt delivered Boston export yard.
The weekly Davis Index for export yard buying prices in New York were flat for #1 HMS and P&S 5ft at $405/gt and $415/gt delivered, respectively, and shredder feed ticked up by $3/gt to $323/gt delivered New York dock.
In Philadelphia, the Davis Index for export yard collection prices inched up by $1/gt for #1 HMS to $406/gt delivered while P&S 5ft was flat at $416/gt delivered Philadelphia dock. The index for shredder feed ticked up by $2/gt to $323/gt delivered.
In Houston, the weekly Davis Index fell by $3/gt for #1 HMS to $431/gt delivered and remained unchanged for both P&S 5ft at $451/gt and shredder feed at $335/gt delivered Houston dock.