US West Coast dock prices ticked up on the West Coast on Tuesday despite some hesitation amid the possibility that Turkish prices may dampen slightly and slower inquiries from Asian sellers.
Market participants are concerned over Chinese activity that may place pressure on prices and affect import billet prices, resulting in some buyers preferring to focus on domestic scrap inventories given the high import prices.
The Turkish Davis Index for US-origin HMS 1&2 (80:20) fell by $2.50/mt to $500/mt cfr Turkey from Jun 1 and was down by $13/mt against $513.19/mt cfr on May 25.
The weekly Davis Indexes in Portland for export yard scrap trended slightly higher as domestic mills bid for scrap in the region with #1 HMS and P&S 5ft both rising by $5/gt to $375/gt and $383/gt delivered, respectively. Shredder feed climbed by $6/gt to $280/gt delivered.
In San Francisco, the Davis Indexes rose by $2/gt for #1 HMS to $354/gt delivered, P&S 5ft climbed by $3gt to $367/gt delivered, and shredder feed increased by $1/gt to $247/gt. Several small scrap yards reported increases in buys but were within the range already reflected in the previous weeks.
Los Angeles dock price indexes rose again after the increase last week with #1 HMS increasing by $10/gt to $339/gt delivered and P&S 5ft climbing by $8/gt to $349/gt delivered. Shredder feed increased more substantially by $22/gt to $249/gt delivered.