Export scrap cargo bookings out of the US are sporadic, with prices to some regions still on the decline, while others have shown signs of improvement. Turkish interest in US scrap has picked up again in the last couple weeks, but only slightly. Turkish mills continue to purchase scrap alternatives and semi-finished products when prices are attractive enough, and the upcoming Ramadan holiday next month will also have an impact on how much scrap mills in Turkey require. Still, Turkey has purchased a few cargos in the last couple weeks. An HMS I/II cargo from the UK to Turkey was sold at $330-$335/mt CFR about a week ago, reflecting a moderate increase over prices in previous sales. Meanwhile, an ex-US HMS I/II cargo was sold to Turkey at about $344/mt CFR a week ago, and a mixed cargo was sold at about $5/mt higher this past week. Sources tell SteelOrbis that there is some optimism that the latest sale, as well as rising prices out of Europe, could mean an uptrend in the near future, but overall export scrap demand is still too weak to make any definitive predictions at the moment.
US container scrap exports off the West Coast have also been minimal in the past couple of weeks, as they were throughout much of May, with the most recent sales of HMS I/II to Taiwan sold for about $330-$335/mt CFR, down $15/mt from $345-$350/mt CFR just a few weeks ago. Finished steel demand in Taiwan is one of the main factors pushing export prices lower, and it is uncertain whether prices have bottomed yet. Korean mills aren't exactly rushing to book scrap containers out of the US either, and sales have been infrequent as well, with the most recent at about $330/mt CFR for HMS I/II.