US containerized ferrous scrap prices rose on both coasts as buyers sought inventories. Sellers on both coasts reported higher inquiries as well as deal prices over the past week.
The weekly Davis Index in New York for #1 busheling increased by $8/mt to $255/mt fas while the index for HMS 1&2 (80:20) rose by $7/mt to $228/mt fas. The index for machine shop turnings went up by $4/mt to $193/mt fas. The Davis Index for P&S 5ft increased by $7/mt to $245/mt fas, while shredded also moved up by $8/mt to $243/mt fas. Containerized exports on the East Coast are gaining momentum with sources stating that they encountered more container market activity in the past week than the last 8-9 weeks.
In Los Angeles, the weekly Davis Indexes increased by $15/mt to $238/mt fas for #1 busheling and by $12 to $219/mt for HMS 1&2 (80:20). The index for P&S 5ft rose by $10/mt to $233/mt fas while shredded went up by $4/mt to $231/mt fas. Shredded scrap demand declined from the region as Asian buyers who previously preferred P&S 5ft and shredded shifted attention to the HMS 1&2 (80:20) grade.
The weekly Davis Indexes in San Francisco increased for #1 busheling by $8/mt to $228/mt fas but rose more robustly for HMS 1&2 (80:20), by $16/mt, to $213/mt fas. The index for P&S 5ft increased by $4/mt to $224/mt fas in line with the $4/mt increase to $224/mt fas for shredded.
In Seattle, the Davis Indexes increased as buyers sought tonnage. The index for #1busheling rose by $15/mt to $233/mt fas, HMS 1&2 (80:20) went up by $11/mt to $214/mt fas, P&S 5ft increased by $12/mt to $230/mt, and shredded moved up $12/mt to $230/mt fas.
Higher Japanese ferrous scrap export scrap prices and limited availability supported higher containerized scrap prices in the US. Moreover, global scrap prices were also supported by higher import scrap prices by Turkish mills. The latest North American deal was reported on Thursday at $263/mt cfr Turkey for 30,000mt of shredded for July shipment.
The previous deal by the same seller on June 2 was reported at an average of $261.50/mt cfr Turkey on 50,000mt deal comprising HMS 1&2 95:5, shredded and bonus scrap. Deal prices this week, compared to the last week, increased by $5/mt to Turkish mills in comparison to a deal reported on May 27 with shredded material sold at $258/mt cfr Turkey.