SteelOrbis has learned that the dock delivered price range for HMS I/II 80:20 in Philadelphia is now being heard at approximately $370-$380/gt, against a range of $380-$390/gt, a week ago. Sources close to SteelOrbis say that this isn’t surprising, especially in that scrap cargo prices into Turkey have been declining.
Earlier today, SteelOrbis reported that the most recent ex-US cargo of HMS I/II 80:20 scrap sold to a Marmara-based steel producer was transacted at $475/mt CFR, which reflects a $5/mt CFR drop in price from the previous ex-US booking. Additionally, Istanbul-based sources believe that ex-US cargo prices will continue to soften, and that $470/mt CFR cargos are on the horizon. As such, it’s largely held that current dock delivered prices throughout the East coast will continue to soften, as exporters will want to continue to take prices down to maintain their margins.