US East Coast dock collection prices for ferrous scrap were mostly flat despite rising export activity and prices. Houston dock prices have fallen slightly over the past two weeks amid adequate material flows.

 

Dockside tags along the East Coast have lingered near the same price points for about three weeks, standing at $225-230/gt for HMS 1&2 (80:20) on Tuesday. Houston dock prices softened following a demand and price surge on October 13.

 

Export demand has incrementally improved over the past week following a slump that started around September 15. Trades between Turkey and the US were active Tuesday, with HMS 1&2 (80:20) trading at $292-294/mt cfr, as Turkish buyers needed ample material for November. This level represents an increase of about $5-7/mt compared to proposals and deals on October 20.

 

Market participants near the East Coast are starting to hold onto available material and opting for a wait-and-see approach. Domestic demand is optimistic and some sellers feel they can apply upward pressure to gain at least $5/gt before selling to bulk exporters.

 

In Boston, the weekly Davis Index for export yard HMS 1&2 (80:20) ticked up by $1/gt to $229/gt delivered dock. P&S 5ft remained unchanged at $239/gt delivered Boston dock, while shredder feed moved up by $1/gt to $165/gt delivered. 

 

The weekly Davis Index for export yard buying prices in New York inched up $2/gt to $227/gt delivered for HMS 1&2 (80:20) and $1/gt to $236/gt delivered dock for P&S 5ft. The index for shredder feed rose by $1/gt to $167/gt delivered. 

 

In Philadelphia, the Davis index for export yard collection prices of HMS 1&2 (80:20) increased by $2/gt to $226/gt delivered, and P&S 5ft moved up by $1/gt to $235/gt delivered Philadelphia dock. The index for shredder feed slid down $2/gt to $166/gt delivered.  

 

In Houston, the weekly Davis Index fell $5/gt for HMS 1&2 (80:20) to $253/gt delivered. P&S 5ft dropped by $11/gt to $268/gt as a price correction after premiums were paid for large volumes of the grade earlier in October. The shredder feed index rose $2/gt to $196/gt delivered. Prices in Houston are projected to remain sideways in November.

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