US containerized scrap prices rose for the second successive week on positive cues from China and Asia where steel demand has improved resulting in increasing scrap import needs.
US export ferrous scrap prices are also receiving support from higher Turkish import prices and rising offers from competing Japanese exporters. Offer prices from Australia, Russia, the EU, Baltics, UAE, and Latin America are also on the rise.
The weekly Davis Indexes for containerized scrap in New York leaped by $9-20/gt during the week after climbing by $1-2/mt on the same grades last week. The index for machine turnings held unchanged at $328/mt fas this week after climbing by $6/mt last week. The index for #1 busheling increased by $20/mt to $398/mt fas while HMS 1&2 (80:20) climbed by $9/mt to $370/mt fas. P&S 5ft rose by $16/mt to $401/mt fas and shredded moved up by #13/mt to $396/mt fas.
In Los Angeles, the weekly Davis Indexes also encountered increases of $16-20/mt this week. While #1 busheling climbed by $16/mt to $377/mt fas, shredded rose by $19/mt to $371/mt fas. The indexes for HMS 1&2 (80:20) and P&S 5ft increased by $20/mt to $349/mt fas and $371/mt fas, respectively.
In San Francisco, the weekly indexes climbed by $8-11/mt with #1 busheling and shredded rising by $9/mt to $368/mt fas and $354/mt fas, respectively. HMS 1&2 (80:20) increased by $8/mt to $333mt as P&S 5ft rose by $11/mt fas to $356/mt fas.
The Davis Indexes in Seattle gained $5-20/mt this week. The index for #1 busheling rose by $5/mt to $370/mt fas, shredded climbed by $15/mt to $365/mt fas, HMS 1&2 (80:20) increased by $20/mt to $348/mt fas, and P&S 5ft rose by $18/mt to $368/mt fas.