The US East Coast export scrap market has been mostly stagnant since our last report two weeks ago, with no new bookings having been transacted. The most recent cargo of HMS I/II was booked more than two weeks ago, at $285/mt CFR.
This quiet trend is likely to continue for the upcoming weeks due to three factors. The Ramadan holiday began this week, which has typically slowed activity in Turkish steel markets. Activity within the Turkish rebar market has also slowed, which has prompted some sellers to lower their prices slightly in hopes of attracting new orders. Mills in that region have also had their eyes on Chinese billet offers, which have become increasingly attractive. It is expected that when Turkish mills re-enter the market they will try to push US export scrap yards for lower prices, but since US East Coast domestic scrap prices have firmed across the board for June buys, exporters may be resistant.