Export
scrap prices off the
US East Coast to
Turkey have firmed by approximately $6/mt in the past two weeks, as
US domestic suppliers have begun to draw a deeper line in the sand when it comes to sales prices. East Coast bulk cargos of HMS I/II
scrap are now being sold to
Turkey at approximately $375/mt, $380/mt for shredded
scrap and $385/mt for P&S
scrap. Turkish mills have continued their trend of buying only what they need for current production, and for now, it’s unclear whether current price points will sustain through November, or if they could slip during next month’s buys if
Turkey decides to turn elsewhere for
scrap to fill the next production cycle.
Meanwhile,
US West Coast
scrap exporters have reported a similar price firming trend. Containers of heavy melting
scrap I/II (80:20 blend) to
Korea and
Taiwan have been heard at $350-$360/mt, reflecting an approximate $10/mt increase since our last report two weeks ago, as dealers continue to report that supply is tight. “It’s a waiting game when it comes to prices,” said one southeast Asia
scrap dealer, noting that there is no great rush to drop prices to get orders. Demand remains steady, according to sources, who say that mills are only booking what they need in order to make production requirements.