SteelOrbis sources have confirmed that as of Monday morning, HMS I/II dock delivered prices on the East Coast are being heard at $165-$175/gt, ($168-$177/mt) freight alongside ship (FAS) in Newark, NJ, $175/gt ($177/mt) FAS in Philadelphia, PA and $175/gt ($177/mt) FAS in Fairless, PA.
Current freight rates to Turkey are being head in the range of $30-$35/mt, which is consistent with levels heard last week.
Late last week, SteelOrbis sources indicated that that US East coast dock prices were being heard in the range of $185-$190/gt ($188-$193/mt), with the expectation that prices were likely to trend down between $10-$20/gt ($10-$20/mt) in advance of October, as finished steel prices in Turkey “have not been great.” Today’s FAS pricing is consistent with last week's expectations.
Weak cargo prices of the East coast, coupled with domestic mills’ planned outages, are likely to pave the way for lower domestic prices during the October buy cycle.