Against the backdrop of the ex-Canadian scrap deals at the end of the week ended September 22, an ex-US East coast deal at $330/mt CFR Turkey on HMS I/II 80:20 has dropped prices to Turkey by $25/mt from an ex-US scrap deal reported on September 11 at $355/mt CFR. The scrap price is said to have declined due to sufficient scrap cargoes made available to Turkish mills, soft Turkish rebar prices, and price drops in the global iron ore and coking coal markets.
East coast scrap prices at the docks have decreased up to $20-25/mt and are expected to adjust downward an additional $5-10/mt over the week.
The soft pricing has reportedly started to reflect on the West coast as well. According to a source, an HMS I bulk scrap cargo was traded late the week ended September 22 to South Korea at $343-344/mt CFR. Compared to an ex-US HMS I deal at $351/mt CFR South Korea in early September, the price is $7-8/mt lower.