Containerized ferrous scrap prices remained rangebound on both coasts Thursday.
On the East Coast, sellers reported limited outgoing quotes, while buyers from India and other destinations were not interested in obtaining prices because of market uncertainty and subdued domestic finished steel demand. Several buyers expressed desire to wait until early May, at which time they expect to have more information about restarts, logistics statuses, and government policies.
The East Coast was quiet, with limited increases expected during the domestic scrap cycle in early May. Moreover, Turkish import scrap deals have decreased in value since mid-April. On the West Coast, most Davis Indexes were flat to rangebound, as Taiwanese mills preferred higher grade scrap over HMS 1&2 (80:20) scrap.
The weekly Davis Index in New York remained unchanged for #1busheling at $239/mt fas, but the index for HMS 1&2 (80:20) increased by $2/mt to $210/mt fas. The indexes for machine turnings increased by $4/mt to $180/mt fas, increased by $1/mt for P&S 5ft to $228/mt fas, and dropped for shredded by $2/mt to $225/mt fas.
In Los Angeles, the weekly Davis Indexes for #1busheling increased by $1/mt to $216/mt fas and was flat for HMS 1&2 (80:20) at $199/mt. The index for P&S 5ft increased by $4/mt to$219/mt fas, and increased for shredded by $3/mt to $225/mt fas. HMS 1&2 (80:20) was priced at $220/mt cfr Taiwan most of the week, and unchanged from last week. Prices did begin to soften through the week, though, as mills preferred higher grade and $215/mt cfr Taiwan deals were reported to Davis Index on Thursday April 30.
The weekly Davis Index in San Francisco was flat for #1busheling at $225/mt fas and increased for HMS 1&2 (80:20) by $4/mt to $195/mt fas. The index for P&S 5ft remained unchanged at $217/mt fas and rose for shredded scrap by $7/mt to $223/mt fas.
In Seattle the Davis Indexes all remain unchanged with #1busheling at $210/mt fas, HMS 1&2 (80:20) at $185/mt fas, P&S 5ft at $210/mt fas, and shredded also unchanged at $210/mt fas.