The most recent ex-US cargo of HMS I/II 80:20 scrap to Turkish steel producer took place at $180/mt CFR, but some believe ex-US prices could soften in the upcoming weeks. New ex-US bookings have been mostly silent, but larger than expected price softening within the US domestic market this month could place downward pricing pressure on the export scrap market.
US domestic scrap prices were initially forecast to trend down $10/mt but SteelOrbis sources have confirmed that the market has settled down by $50/mt. US domestic demand for scrap remains weak due to high inventory levels of finished steel products and dealers say the availability of scrap is outpacing demand.