US East Coast dock collection prices for ferrous scrap climbed for the fourth successive week on Tuesday amid domestic scrap price strength and continuing export activity, although the latter decelerated this week.
Houston dock prices have also risen, though they lag compared to other markets following delays incurred from earlier weather issues. Houston dock prices are flat for now, but increases are expected in the near term. Domestic trading in the region began late with prices increasing by $10-20/gt compared to February settled prices, but around $30/gt below other markets.
Dockside prices have risen by about $10-15/gt since Mar 2, based on dock location and prior price level. East Coast dock sales for #1 HMS are generally transacting between $340-370/gt, with remote material priced near $380/gt at various export yards.
Exports have remained active with intermittent pauses during the past month. US HMS 1&2 (80:20) exports to Turkey increased by $58.08/mt in one month to $456.41/mt cfr on Tuesday, compared to a recent low of $398.33/mt cfr for HMS 1&2 (80:20) on Feb 9.
Recent bids for US material have declined modestly as export destinations report rising material availability. Meanwhile, the shortage of prime scrap and increased domestic prices during March trading has added price pressure to all scrap grades in the US.
In Boston, the weekly Davis Index for export yard #1 HMS moved up by $13/gt to $346/gt and rose by $12/gt for P&S 5ft to $357/gt, delivered Boston dock. Shredder feed increased by $17/gt to $264/gt delivered Boston export yard.
The weekly Davis Index for export yard buying prices in New York increased by $12/gt for #1 HMS to $358/gt delivered and rose by $14/gt for P&S 5ft to $368/gt delivered New York dock. The index for shredder feed inclined by $13/gt to $280/gt delivered.
In Philadelphia, the Davis Index for export yard collection prices of #1 HMS rose by $13/gt to $356/gt delivered and P&S 5ft went up by $14/gt to $367/gt delivered Philadelphia dock. The index for shredder feed increased by $14/gt to $279/gt delivered.
The indexes in Houston remained unchanged for #1 HMS and P&S 5ft at $369/gt and $388/gt delivered Houston dock, respectively. The shredder feed index was also flat at $283/gt delivered.