US East Coast dock collection prices for ferrous scrap increased by about $6-14/gt amid improved demand from Turkey for US-origin cargos. This is the first turnaround after more than a month of weakness in exports.
In Boston, the weekly Davis Index for export yard HMS 1&2 (80:20) increased by $13/gt to $211/gt delivered dock, compared to last week. The Index for P&S 5ft prices rose by $13/gt to $221/gt delivered Boston dock, while shredder feed increased by $10/gt to $150/gt delivered dock.
The weekly Davis Index for export yard buying prices in New York for HMS 1&2 (80:20) increased by $9/gt to $214/gt delivered dock on Tuesday, while P&S 5ft rose by $9/gt to $224/gt delivered New York dock. The Index for shredder feed increased $13/gt to $153/gt delivered dock.
In Philadelphia, the Index for export yard collection prices of HMS 1&2 (80:20) rose by $6/gt to $211/gt delivered dock. P&S 5ft increased by $6/gt to $221/gt delivered Philadelphia dock and shredder feed rose by $14/gt to $154/gt delivered dock.
Davis Index was informed of a likely shortage of shredder feed at some dock locations, boosting prices for that grade the most. HMS 1&2 (80:20) ranged between $205-220/gt based on prior sales and dock location.
After five consecutive weeks of price declines reflecting weak export prices and demand, small amounts of material moved at the lowest numbers. Supply is tightening as exports pick up and both these factors are contributing toward an increasing price shift.