Although
scrap prices on the
US East Coast ticked downward in the first part of the month, prices for the most recent ex-
US scrap bookings are beginning to show strength. As of mid-last week, transaction ranges for cargos of heavy melting
scrap I/II (80:20 blend) and shredded
scrap were transacted at approximately $370/mt CFR for HMS I/II and $375/mt CFR for shredded
scrap. SteelOrbis sources say this is largely tied to the rebalancing of supply and demand--East Coast export yards who had previously been turning shipments inland have thinned their inventories. Current prices have ticked up by approximately $19/mt CFR from levels seen toward the end of last month, and industry insiders believe prices could firm by an additional $5/mt CFR for April buys.