Docks on the US West Coast maintained the flat trend witnessed over the past four weeks on Tuesday. Prices on the East Coast slipped on the main heavy melt and structural grades while shredder feed lost more ground as premium pricing retreated.
Internationally, dock prices rose in the EU but trended flat in the UK ahead of the domestic trading in that region.
The daily Davis Index for US-origin HMS 1&2 (80:20) rose by $1.30/mt to $500.82/mt on Tuesday from $499.52/mt cfr Turkey on Jun 29. Export cues provided by Turkish ferrous deals have maintained a $500/mt cfr level on HMS 1&2 (80:20).
Market participants continue anticipating that most Turkish import scrap deals will trend at these levels and provide global market stability in July as some Asian markets grapple with new strains of COVID-19, monsoon weather, and higher steel prices on short bursts of active demand.
The US domestic ferrous trading week is anticipated to begin on Jul 7 with movements of sideways to up $20-30/gt on June settled prices contingent on grade and region. In regions with sufficient inventories, #1 HMS may trade sideways.
Iron ore prices are rangebound at a firm level of $221/mt cfr China after trending strong at $220/mt cfr last week.
Japanese export offers continue firm despite some concerns over weaker demand later in the summer. Domestic scrap prices rose in Taiwan, South Korea, and Vietnam while smaller buyers such as Thailand and Malaysia encountered slight softness in their domestic markets.
The weekly Davis Indexes in Portland for export yard scrap continued unchanged for #1 HMS at $381/mt delivered, P&S 5ft at $404/gt delivered, and shredder feed at $277/gt delivered export yard.
The San Francisco weekly Davis Indexes also trended flat with #1 HMS at $360/gt delivered, P&S 5ft at $369/gt delivered, and shredder feed at $254/gt delivered.
In Los Angeles, the Davis Index dock prices continued unchanged this week with #1 HMS at $341/gt delivered, P&S 5ft at $351/gt delivered, and shredder feed at $251/gt delivered.