US East Coast dock collection prices for ferrous scrap remained unchanged across all grades and dock locations amid muted industry activity, economic challenges, and global disruptions due to lockdowns by various governments.
Sellers told Davis Index they received few, if any, quotes for containerized material on Tuesday as demand, prices, flow and scrap supply remains weak. India continues with the quarantine for two more weeks while Turkish buying remains inactive due to weak demand and difficulty in selling steel products.
In Boston, the weekly Davis Index for export yard HMS 1&2 (80:20) remained at $139/gt delivered dock, and P&S 5ft held at $149/gt delivered Boston dock. The index for shredder feed was flat at $103/gt delivered.
The weekly Davis Index for export yard buying prices in New York for HMS 1&2 (80:20) was flat at $138/gt delivered on Tuesday and remained at $148/gt delivered New York dock for P&S 5ft. The index for shredder feed was unchanged at $102/gt delivered.
In Philadelphia, the index for export yard collection prices of HMS 1&2 (80:20) was flat at $141/gt delivered. The Davis Index for P&S 5ft remained unchanged at $151/gt delivered Philadelphia dock, and held at $106/gt delivered for shredder feed.
The pricing for HMS 1&2 (80:20) has decreased by around $85/gt since the beginning of March, depending on dock location and prior sale price. HMS 1&2 (80:20) was at $225/gt delivered Philadelphia dock on March 3.
Market participants have tackled substantial price decreases through March and are hesitant to guess where pricing may land in April. In addition to export challenges, domestic steel production, demand, and scrap flows are off.
Monthly domestic trade is projected to take off slowly as the industry has taken a wait-and-see approach. The market has little faith that the beginning of the second quarter will bring any relief, and foresee challenges enduring, at least through May.