US East Coast and Houston dock collection prices for ferrous scrap continued upwards amid strong export activity and firm domestic markets during the week.
Dockside prices have risen for the past two weeks after remaining rangebound with only small upticks through most of October. However, collection price increases ticked up slowly compared to the soaring export prices on Tuesday.
Export yard buying prices for #1 HMS on the East Coast ranged between $240-250/gt on Tuesday, up $5-10/gt since last week. However, some sellers are hesitant to transact at that level and believe pricing above $250/gt would be more suitable for the grade.
Bids from Turkey for US-origin #1 HMS were at a minimum of $320/mt cfr on Tuesday, up $20/mt from proposal levels near $300/mt one week ago. US exporters are offering the grade at $330/mt cfr amid material tightness and strong demand, which is about $35-40/mt higher than the Oct 27 price levels.
In Boston, the weekly Davis Index for export yard #1 HMS climbed by $7/gt to $245/gt delivered Boston dock. P&S 5ft moved up by $8/gt to $255/gt delivered and shredder feed increased by $6/gt to $181/gt delivered Boston export yard.
The weekly Davis Index for export yard buying prices in New York rose by $6/gt to $247/gt delivered for #1 HMS and by $7/gt to $256/gt delivered dock for P&S 5ft. The index for shredder feed rose by $10/gt to $190/gt delivered.
In Philadelphia, the Davis Indexes for export yard collection prices of #1 HMS and P&S 5ft both increased by $5/gt to $244/gt delivered and $254/gt delivered Philadelphia dock, respectively. The index for shredder feed climbed by $7/gt to $189/gt delivered.
In Houston, the weekly Davis Index climbed by $5/gt for #1 HMS and P&S 5ft to $270/gt delivered and $285/gt delivered Houston dock, respectively. The shredder feed index increased by $3/gt to $205/gt delivered.