US containerized ferrous scrap prices trended up on the East Coast but trended sideways on the West Coast this week. Market participants noted increased activity on Thursday.
Buyers expressed interest in better grades though some sought HMS 1&2 (80:20) for immediate deals. Among Asian buyers, those from South Korea, Vietnam, and Taiwan withdrew from the containers market, while Indian importers who had remained away due to high prices, returned this week. Several traders noted buys at prices that were higher than deals closed last week on the East Coast.
The weekly Davis Indexes in New York rose on Thursday after softening in the previous week. Busheling and shredded increased by $12/mt to $506/mt fas and $473/mt fas, respectively while HMS 1&2 (80:20) climbed by $15/mt to $451/mt fas. P&S 5ft rose by $11/mt to $479/mt fas. Machine turnings were in high demand and moved up by $23/mt to $422/mt fas.
In Los Angeles, the indexes rose for all grades except busheling. HMS 1&2 (80:20) and shredded inched up by $2/mt to $396/mt fas and $427/mt fas, respectively. P&S 5ft increased by $3/mt to $427/mt fas and #1 busheling fell by $4/mt to $433/mt fas.
San Francisco’s indexes remained mostly rangebound except for #1 busheling, which dropped by $5/mt to $425/mt. HMS 1&2 (80:20) and P&S 5ft held unchanged at $388/mt fas and $420/mt fas, respectively, while shredded climbed by $2/mt $425/mt fas.
The Seattle weekly indexes trended mostly flat due to the limited availability of containers. Market participants noted a surge in freight rates from the Pacific Northwest compared to Los Angeles, for example. The index for #1 busheling fell by $3/mt to $425/mt fas as P&S 5ft increased by $1/mt fas to $413/mt fas. HMS 1&2 (80:20) and shredded were unchanged at $380/mt fas and $416/mt fas, respectively.