US containerized ferrous scrap prices varied depending on the region on Thursday.
The East Coast encountered active inquiries from Indian, Bangladeshi, and Pakistani buyers along with interest from the Far East. P&S 5ft was noted in high demand.
A slight softness crept in on the West Coast today, with potential lower bids into tomorrow. While prices have not declined much, the low availability of containers and high freight costs are affecting buyers’ desired loading schedules.
Asian buyers remain active but are cautious given the uncertainty in some economies on a surge in COVID-19 cases.
In New York, the weekly Davis Indexes for #1 busheling rose by $10/mt to $443/mt fas as HMS 1&2 (80:20) climbed by $8/mt to $395/mt fas. Deals fluctuated with some prices increasing by $5/mt while others dropped, which resulted in a net unchanged status. The index for shredded continued unchanged for the second successive week at $410/mt fas, but P&S 5ft rose by $15/mt to $426/mt fas on high demand.
Several participants confirmed P&S 5ft prices were quoted up to $430-435/mt fas today as buying inquiries rose. Machine turnings rose by $6/mt to $369/mt fas.
The weekly Los Angeles containerized scrap indexes fell up to $7/mt after the region climbed by $7-12/mt last week. The index for #1 busheling trended flat at $404/mt fas, HMS 1&2 (80:20) dropped by $3/mt to $373/mt fas, P&S 5ft fell by $6/mt to $394/mt fas, and shredded scrap declined by $7/mt to $394/mt fas.
In San Francisco, the weekly indexes lost $2-4/mt after gaining up to $10/mt per grade over the previous week. The index for #1 busheling dropped by $4/mt to $389/mt fas. HMS 1&2 (80:20), P&S 5ft, and shredded indexes saw prices erode by $2/mt to $364/mt fas, $384/mt fas, and $383/mt fas, respectively.
The Seattle Davis Indexes fell slightly after being mostly rangebound in the previous week with #1 busheling, HMS 1&2 (80:20), and P&S 5ft dropping by $3/mt to $388/mt fas, $362/mt fas, and $383/mt fas, respectively. Shredded declined by $1/mt to $383/mt fas.