With economies worldwide reeling from COVID-19, container prices on both US coasts declined substantially this week. Buyers and sellers face higher freight rates, limited container availability, limited buying interest, and uncertainty pertaining to their own internal operations.
In New York, the Davis Indexes decreased by $29/mt for #1busheling to $246/mt fas, by $28/mt to $216/mt for HMS 1&2 (80:20), by $32/mt to $181/mt fas for machine turnings, by $22/mt to $242/mt fas for P&S 5ft, and shredded decreased by $27/mt to $237/mt fas.
Davis Index confirmed East Coast transactions to Asia from Monday to Wednesday this week at $242-243/mt fas for shredded scrap. However, prices heard on Thursday are under further pressure in order to complete new deals over the next few days. Several market participants forecasted $225/mt fas for shredded scrap in the next few days.
In Los Angeles, the Davis Indexes decreased by $18/mt for #1busheling to $213/mt fas, while HMS 1&2 (80:20) decreased by $13/mt to $198/mt, P&S 5ft decreased by $18/mt to $210/mt fas, and shredded declined by $18/mt to $210/mt fas.
HMS 1&2 (80:20) from Los Angeles is reported at $220/mt cfr Taiwan, down by $10/mt from a week ago, with persistently limited activity resulting from weak demand and little container availability.
The indexes in San Francisco decreased by $17/mt for #1busheling to $226/mt fas, while HMS 1&2 (80:20) decreased by $14/mt to $204/mt, P&S 5ft declined by $19/mt to $221/mt fas, and shredded decreased by $19/mt to $221/mt fas.
The Davis Indexes in Seattle decreased by $18/mt for #1busheling to $225/mt fas, while HMS 1&2 (80:20) decreased by $21/mt to $196/mt, P&S 5ft declined by $18/mt to $225/mt fas, and shredded decreased by $17/mt to $233/mt fas.