Even though export scrap activity in the US has been lively over the past couple weeks, export prices have come down slightly. Turkey was especially active late last week, buying five to six cargos of scrap from the US East Coast within just two days. While Turkey has been snapping up scrap from the US, Turkish mills have also bought a significant amount of scrap from Europe, which has exerted some downward pressure on ex-US prices and may diminish Turkey's demand for US scrap in the coming weeks. Last week, HMS I/II scrap from the US East Coast to Turkey was sold at approximately $440-$443/mt CFR while shredded scrap was sold at $443-$446/mt CFR; new offers are approximately $440/mt CFR for HMS I/II and $445/mt CFR for shredded scrap, down $5/mt in the last two weeks.
Meanwhile, export scrap activity from the US West Coast has weakened due to the lackluster finished steel market in the Far East. While China booked a few cargos from the US a couple weeks ago, Chinese purchases of US scrap continue to be minimal. Taiwanese mills have scaled back their ex-US scrap purchases over the past couple weeks as well, opting to purchase more scrap from Australia. Still, ex-US West Coast container scrap prices of HMS I/II to Taiwan are unchanged in the last two weeks at $450/mt CFR while breakbulk scrap offers from the US to Taiwan are in the range of $470/mt CFR. Vietnamese mills also bought scrap from the US, with the latest cargos (sold last week) sold for $470-$472/mt CFR for bulk HMS I/II while a mixed container cargo was sold for $457/mt CFR.