Turkish producers continued to be active participants in the US market with several cargos booked over the past week. With winter restocking and the recent increases seen in the US domestic scrap market, current prices are not expected to drop below $390/mt CFR ex-US HMS I/II 80:20.
Prices to Far Eastern regions are firming as well with increases of $10-$15/mt seen in offers to Taiwan for ex-US containerized scrap. After an extended absence from the US market, Far Eastern scrap importers have begun to resume activity off US coasts with current prices heard at $380-$390/mt CFR for ex-US containerized HMS I/II 80:20 to Taiwan and offers of $375-$385/mt CFR ex-US containerized HMS I/II 80:20 to Korea. An offer for an ex-US mixed bulk shipment to China was recently reported at $420-$430/mt CFR .
With tight supply in several US regions and winter restocking, prices on the international scrap market are expected to remain firm through the month and into December.
US domestic scrap prices saw a $10-$20/lt increase this month as supplies are tightening with demolition projects wrapping and industrial production remaining low. The low frequency of scrap producing projects and the hindrance on scrap collection as a result of the coming winter months should effectively hold prices firm.