While export scrap prices on the US East Coast have declined in the last two weeks, prices off the West Coast have trended higher. As mentioned in our last report two weeks ago, exporters were trying to push up scrap prices following the upward trend in the US domestic market in August and anticipation of another increase in September. While US scrap prices are still pointing to a sideways-to-up trend next month, ex-US scrap prices from the US East Coast to Turkey have declined since mid-August. About one and a half to two weeks ago, about seven to nine cargos were loaded and shipped to Turkey, but in the last week, activity has quieted. The latest cargos--booked about a week ago--were sold for $408-$410/mt CFR Turkey for HMS I/II and $411-$414/mt CFR Turkey for shredded scrap, down about $5/mt compared to two weeks ago. In mid-August, exporters were aiming to get prices up to $420-$425/mt CFR, but have since backed off.
Meanwhile, activity off the US West Coast is also unexciting amid ongoing demand and price weakness in Taiwan and China. Additionally, scrap prices locally in the Far East have declined as well, and mills looking for scrap are turning to domestic supplies first. Still, a few cargos have been booked in the last couple weeks and at higher prices than deals concluded in early August. A container cargo of HMS I/II was sold to Taiwan at $420/mt CFR, up about $20/mt in the last two weeks. Meanwhile, containerized cargos to Vietnam have been booked at about $425-$428/mt CFR, up $25/mt since early August.