US East Coast and Houston dock collection prices for ferrous scrap declined on Tuesday amid waning export activity and falling prices, after a gradual, month-long increase.
East Coast weekly dock sales for #1 HMS were down $10-15/gt, transacting between $335-350/gt delivered, with the most aggressive offers for remote material priced near $360/gt at various export yards on Tuesday. The highest price accepted for this grade on Mar 9 was $380/gt.
In Houston, dock prices have declined by $20-30/gt this week in line with global price drops and softening exports, though sources perceive this as a short-term trend. Varied prices still lingering for East Coast dockside transactions are likely to trend closer to $345/gt for #1 HMS by the end of this week, from New York to Philadelphia.
Shredder feed prices are the firmest, though ranging from $250-285/gt, with smaller declines so far in relation to other grades. Feed holds higher demand also in tandem with zorba pricing which currently remains strong.
Exports have slowed as destination mills are mentioning oversupply. US HMS 1&2 (80:20) exports to Turkey have fallen by $25.58/mt in one week to $430.83/mt cfr Tuesday compared to $456.41/mt cfr on Mar 9. Ample material has led buyers to lower bids up to $10/mt more for new US cargos.
In Boston, the weekly Davis Index for export yard #1 HMS moved down by $8/gt to $338/gt and fell by $9/gt for P&S 5ft to $348/gt, delivered Boston dock. Shredder feed declined by $5/gt to $259/gt delivered Boston export yard.
The weekly Davis Index for export yard buying prices in New York decreased by $11/gt for #1 HMS to $347/gt delivered and dropped by $10/gt for P&S 5ft to $358/gt delivered New York dock. The index for shredder feed declined by $3/gt to $277/gt delivered.
In Philadelphia, the Davis Index for export yard collection prices of #1 HMS decreased by $12/gt to $344/gt delivered and P&S 5ft went down by $13/gt to $354/gt delivered Philadelphia dock. The index for shredder feed fell by $1/gt to $278/gt delivered.
In Houston, the weekly Davis Index declined by $26/gt for #1 HMS to $343/gt and P&S 5ft decreased by $28/gt to $360/gt delivered Houston dock. The shredder feed index fell by $23/gt to $260/gt delivered.