US East Coast dock collection prices for ferrous scrap decreased by $3-8/gt, while dock collection prices in Houston remained unchanged for all grades and dock locations amid low sales activity. The lack of new deals is drawing down collection prices by around $5-10/gt on Tuesday.
Demand is soft for US-origin scrap bookings as export destinations such as Turkey and other Asian locations report negative sentiment, declining prices, or ample domestic inventory to cover July needs. Domestic and export markets hope for a price improvement for August scrap cargoes.
In Boston, the weekly Davis Index for export yard HMS 1&2 (80:20) decreased by $8/gt from $219/gt to $211/gt delivered dock, and P&S 5ft dropped $7/gt from $228/gt to $221/gt delivered Boston dock. The index for shredder feed fell by $4/gt from $162/gt to $158/gt delivered.
The weekly Davis Index for export yard buying prices in New York decreased by $8/gt from $219/gt to $211/gt delivered for HMS 1&2 (80:20) on Tuesday and fell by $7/gt from $227/gt to $220/gt delivered New York dock for P&S 5ft. The index for shredder feed declined by $4/gt from $168/gt to $164/gt delivered.
In Philadelphia, the index for export yard collection prices of HMS 1&2 (80:20) decreased by $5/gt from $218/gt to $213/gt delivered. The Davis Index for P&S 5ft declined by $3/gt from $225/gt to $222/gt delivered Philadelphia dock, and dropped by $3/gt from $166/gt to $163/gt delivered for shredder feed.
The weekly indices in Houston remained unchanged for HMS 1&2 (80:20) at $218/gt delivered, for P&S at $228/gt delivered, and for shredder feed at $163/gt delivered.
Houston exporters foresee possible price declines later this week or early next week as bulk and container markets are softening. Sellers may also hold inventories for July domestic scrap needs.