US East Coast dock collection prices for ferrous scrap inched up by $3-6/gt, while Houston dock collection prices rose by $11-21/gt for all grades amid elevated purchase activity from Turkey and some Asian countries, as compared to last week.
Market participants told Davis Index that East Coast docks are offering minor price increases with the goal of keeping prices low. However, limited scrap supply and flow are making it difficult for docks to secure price cuts. Moreover, several overseas consumers aren’t accepting the substantial price increases.
One seller noted that lower freight costs have helped balance low scrap prices on the East Coast.
The weekly Davis Indexes in Houston increased by $11/gt for HMS 1&2 (80:20) from $193/gt to $204/gt delivered, and P&S rose by $21/gt from $203/gt to $224/gt delivered. The index for shredder feed increased by $13/gt from $130/gt to $143/gt delivered.
In Boston, the weekly Davis Index for export yard HMS 1&2 (80:20) increased by $3/gt from $199/gt to $202/gt delivered dock, while the index for P&S 5ft rose by $3/gt from $209/gt to $212/gt delivered Boston dock. The index for shredder feed increased by $4/gt to $144/gt delivered.
The weekly Davis Index for export yard buying prices in New York for HMS 1&2 (80:20) rose by $4/gt from $195/gt to $199/gt delivered on Tuesday, and increased by $4/gt from $205/gt to $209/gt delivered New York dock for P&S 5ft. The index for shredder feed increased to $147/gt delivered.
In Philadelphia, the index for export yard collection prices of HMS 1&2 (80:20) increased by $6/gt from $195/gt to $201/gt delivered. The Davis Index for P&S 5ft rose by $6/gt from $205/gt to $211/gt delivered Philadelphia dock, and prices rose to $149/gt delivered for shredder feed.