US East Coast and Houston dock collection prices for ferrous scrap continued trending up for the second consecutive week on rising export activity and prices. Still, East Coast dock prices are lagging in relation to the soaring export markets.
The Davis Index for US HMS 1&2 (80:20) exports to Turkey are up $44.40/mt since last week on strong demand and stand at $502.50/mt cfr compared to $458.10/mt cfr last week on May 4. This also represents a $75/mt rise compared to $427.50/mt cfr for the export grade a month prior, on April 13.
East Coast dock sales for #1 HMS ranged between $345-385/gt on Tuesday based on dock location and base price from prior sales though a bulk exporter is heard to be offering up to $400/gt for #1 HMS.
Overall, this week’s East Coast dockside price levels indicate a jump of around $5-25/gt, leaving a gap in comparison to the latest growth in Turkish sales. Houston docks have gained more amply and moved up by $35-40/gt since last week.
In Boston, the weekly Davis Index for export yard #1 HMS increased by $6/gt to $347/gt and rose by $5/gt for P&S 5ft to $358/gt delivered Boston dock. Shredder feed ticked up by $2/gt to $248/gt delivered Boston export yard.
The weekly Davis Index for export yard buying prices in New York moved up by $17/gt for #1 HMS and P&S 5ft to $369/gt and $378/gt, respectively, and shredder feed increased by $8/gt to $262/gt delivered New York dock.
In Philadelphia, the Davis Index for export yard collection prices of #1 HMS rose by $17/gt to $368/gt delivered and P&S 5ft moved up by $16/gt to $376/gt delivered Philadelphia dock. The index for shredder feed increased by $11/gt to $264/gt delivered.
In Houston, the weekly Davis Index soared by $40/gt for #1 HMS to $379/gt delivered, P&S 5ft surged by $37/gt to $394/gt delivered and shredder feed moved up by $19/gt to $259/gt delivered Houston dock.