US East Coast and Houston dock collection prices for ferrous scrap inched up on Tuesday after remaining rangebound over the past four weeks.
Dockside prices continue to mirror export price movements with a lag. Exports to Turkey have picked up since Mar 30 yet remained rangebound in the longer term for the last month. Export demand has softened this week following domestic trading activity that wrapped up last week.
East Coast dock sales for #1 HMS were transacting between $335-350/gt on Tuesday with higher and lower variance based on dock location and prior price point. With freight rates tempering a couple of sellers noted a deal or two were done as high as $360/gt for the grade.
The Davis Index for US HMS 1&2 (80:20) exports to Turkey are flat since last week and stood at $427.50/mt cfr Tuesday compared to $427/mt cfr on Apr 6. This compares to $430.83/mt cfr for the export-grade a month ago.
In Boston, the weekly Davis Index for export yard #1 HMS moved up by $12/gt to $335/gt and rose by $11/gt for P&S 5ft to $346/gt, delivered Boston dock. Shredder feed increased by $6/gt to $241/gt delivered Boston export yard.
The weekly Davis Index for export yard buying prices in New York increased $12/gt for #1 HMS to $343/gt delivered and rose by $13/gt for P&S 5ft to $353/gt delivered New York dock. The index for shredder feed declined by $6/gt to $250/gt delivered.
In Philadelphia, the Davis Index for export yard collection prices of #1 HMS moved up by $8/gt to $346/gt delivered, and P&S 5ft increased by $9/gt to $355/gt delivered Philadelphia dock. The index for shredder feed fell by $5/gt to $251/gt delivered.
In Houston, the weekly Davis Index moved up by $10/gt for #1 HMS to $343/gt and P&S 5ft increased by $7/gt to $359/gt delivered Houston dock. The shredder feed index rose by $8/gt to $249/gt delivered.