A number of export scrap cargos have been sold out of the US in the last couple weeks as prices dropped. Turkish mills returned to the US market for scrap in late April, with at least four cargos sold in the last week of the month, after Turkey looked to Europe for scrap throughout most of April. Two weeks ago, Turkish mills were bidding for scrap out of the US at around $380/mt CFR, a price that exporters found to be about $5/mt too low. But the most recent HMS I/II bulk cargo sales to Turkey were sold for about $375/mt CFR off the US East Coast, and $380/mt CFR for shredded scrap. Activity out of Turkey this past week has been quiet.
Export scrap activity on the US West Coast also experienced a notable pickup in the last couple weeks, but current prices are not entirely firm as the market appears to lack momentum. About a week or so ago, Taiwanese mills picked up a few containerized HMS I/II cargos from the US, allowing prices to firm up about $5/mt, but interest slowed and prices have since come back down to the current range of $355-$360/mt CFR. Meanwhile, Taiwan has also been heard bidding for bulk scrap out of the US at $390/mt CFR. Overall, however, exporters have said that Taiwanese mills are fulfilling their scrap needs by buying locally. In the last couple weeks, Korea also picked up an HMS I/II containerized scrap cargo at about $388-$390/mt CFR, while China picked up a mixed scrap container from the US also at around $390/mt CFR.