US East Coast and Houston dock collection prices for ferrous scrap increased by $1-8/gt, for all grades and dock locations. Price strength and growth are gradually being sustained off the East coast, as exporters currently load vessels, but some sellers aren’t confident upward prices will endure.
Compared to the US, ferrous scrap demand is elevated in Europe and Asia amid strong steel sales and economic improvements. Turkey is actively importing European-origin material, while US bids for Turkish imports are around $260/mt cfr for July scrap bookings, with no confirmed deals today.
Market participants told Davis Index that East Coast docks have raised collection prices incrementally, which, for most sellers, ranges between $215-220/gt for local HMS 1&2 (80:20). Other sellers have offered $225-230/gt for remote material delivered East Coast dock with no sales confirmed on Tuesday.
In Boston, the weekly Davis Index for export yard HMS 1&2 (80:20) increased by $4/gt from $214/gt to $218/gt delivered dock, while the index for P&S 5ft rose by $4/gt from $223/gt to $227/gt delivered Boston dock. The index for shredder feed increased by $1/gt from $158/gt to $159/gt delivered.
The weekly Davis Index for export yard buying prices in New York for HMS 1&2 (80:20) increased by $4/gt from $217/gt to $221/gt delivered on Tuesday, and increased by $3/gt from $227/gt to $230/gt delivered New York dock for P&S 5ft. The index for shredder feed rose by $1/gt from $165/gt to $166/gt delivered.
In Philadelphia, the index for export yard collection prices of HMS 1&2 (80:20) increased by $4/gt from $215/gt to $219/gt delivered. The Davis Index for P&S 5ft rose by $5/gt from $223/gt to $228/gt delivered Philadelphia dock, and prices rose by $1/gt to $165gt delivered for shredder feed.
The weekly Davis Indexes in Houston increased by $7/gt for HMS 1&2 (80:20) to $218/gt delivered, and by $2/gt for P&S to $230/gt delivered. The index for shredder feed increased by $8/gt from $155/gt to $163/gt delivered.