US East Coast and Houston dock collection prices for ferrous scrap were rangebound, inching up in tandem with export activity and domestic price strength.
The small price increases are in line with the latest export movements as well as expected domestic price strength upon June trading that will commence this week. Dockside sales for #1 HMS on the East Coast were heard in the range of $365-400/gt on Tuesday based on dock location and base price from prior sales.
The Davis Index for US HMS 1&2 (80:20) exports to Turkey dipped by $10.69/mt since last week on a pause in activity before trading resumes shortly to secure July shipments. The index for the grade stands at $502.50/mt cfr compared to $513.19/mt cfr on May 25. Longer-term, monthly activity shows a growth of $44.40/mt compared to $458.10/mt cfr for the export grade on May 4.
In Boston, the weekly Davis Index for export yard #1 HMS inched up by $2/gt to $368/gt and $1/gt for P&S 5ft to $378/gt delivered Boston dock. Shredder feed moved up by $3/gt to $251/gt delivered Boston export yard.
The weekly Davis Index for export yard buying prices in New York ticked up by $4/gt for #1 HMS to $393/gt delivered, P&S 5ft rose by $3/gt to $402/gt, and shredder feed increased by the same amount to $292/gt delivered New York dock.
In Philadelphia, the Davis Index for export yard collection prices moved up by $6/gt for #1 HMS to $394/gt delivered and P&S 5ft rose by $5/gt to $404/gt delivered Philadelphia dock. The index for shredder feed increased by $2/gt to $295/gt delivered.
Houston’s weekly Davis Indexes inched up by $1/gt for #1 HMS to $385/gt delivered and by $2/gt for P&S 5ft to $408/gt delivered Houston dock. Shredder feed ticked up by $3/gt to $268/gt delivered. Houston area is expecting some price growth but may be limited domestically and dockside, on high inventories in the near term.