East Coast bulk cargo prices of HMS I/II and shredded scrap to Turkey have held strong in the past month, as many dealers say they would like to see bookings up $5-10/mt from levels seen in early December. If they succeed, this would put HMS I/II at $400-$405/mt CFR and shredded scrap at $405-$410/mt CFR. Whether Turkish mills will accept the increase is another story; things have been mostly quiet during the month, and it’s the mills’ position that when/if US scrap prices start to tick over the $400/mt mark, profit margins become too slim. East Coast shredders have also taken note of strong US prices, and have indicated if they can’t sell overseas, they may simply turn formerly-earmarked export scrap inland.
Meanwhile, US West Coast scrap exporters say prices for containers of heavy melting scrap I/II (80:20 blend) have held strong throughout the month. In the middle of December, containers of HMS I/II were sold to Korea in the approximate range of $365-$370/mt CFR, while the most recently sold containers of HMS I/II were transacted in the approximate range of $370-$375/mt CFR. Asian mills are continuing to push for lower prices, but West Coast scrap dealers say they have drawn their line in the sand.