US East Coast and Houston dock collection prices for ferrous scrap continued to trend down for the second consecutive week, falling by $35-40/gt, consistent with weakening export activity and declining domestic market sentiment.


Export prices to Turkey from the US for HMS 1&2 (80:20) have been dropping since the first week in January and fell by $67.31/mt to $414.80/mt cfr on Jan 26 compared to a highpoint of $482.11/mt cfr on Jan 11.


The latest US domestic ferrous scrap predictions also point toward price drops that may occur during February trading, some as high as $60/gt for certain grades such as shredded amid improved flows for the material and healthier mill inventories.


Export yard buying prices for #1 HMS on the East Coast are averaging near $340-345/gt, with some export yards asking as low as $330/gt for local tons on Tuesday. Declines represent about $40/gt or more for most sellers since last week and involve a full range of deals between $330-360/gt. 


Industry participants envision further declines of about $20-40/gt are on the way, based on the most recent quotes for shredded container exports, which have fallen by $65/gt or more since January’s start.


Larger sellers report holding onto material as dockside prices plunge, in hopes for a price rebound in February. Higher-tonnage sales to bulk exporters have paused as lower-priced transactions continue at reduced ton orders and through smaller-scale dealers.


In Boston, the weekly Davis Index for export yard #1 HMS fell by $38/gt to $339/gt and P&S 5ft dropped by $37/gt to $351/gt, delivered Boston dock. Shredder feed declined by $30/gt to $243/gt delivered Boston export yard. 


The weekly Davis Index for export yard buying prices in New York moved down by $39/gt to $340/gt delivered for #1 HMS and by $40/gt to $350/gt delivered dock for P&S 5ft. The index for shredder feed declined by $28/gt to $246/gt delivered. 


In Philadelphia, the Davis Index for export yard collection prices of #1 HMS dropped by $37/gt to $342/gt delivered and P&S 5ft went down by $35/gt to $353/gt delivered Philadelphia dock. The index for shredder feed fell by $28/gt to $245/gt delivered.


In Houston, the weekly Davis Index decreased by $14/gt for #1 HMS to $344/gt and P&S 5ft moved down $21/gt to $354/gt delivered Houston dock. The shredder feed index dropped by $18/gt to $265/gt delivered. 

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