US East Coast and Houston dock collection prices for ferrous scrap increased by about $10-15/gt during the week on rising export prices and domestic price strength.
East Coast dock prices have been mixed with wide ranges over the past two weeks. Dockside #1 HMS sales are transacting between $330-380/gt at various East Coast export yards on Tuesday. Houston dock prices are also increasing, though with a lag due to the recent weather chaos.
Upcoming export activity and the level of domestic price increases will determine the extent of price growth at East Coast and Houston docks in the near term. Some sellers held material back when bulk exporters decreased prices in February while others faced transportation issues, leading to tightened supply in the Northeast.
Exports paused early this week as sellers hesitated in anticipation of rising prices. US HMS 1&2 (80:20) exports to Turkey increased by $13.50/mt in one week to $457.50/mt cfr on Tuesday, compared to $444.80/mt cfr on Feb 23.
Shredder feed continues to be cited as most limited in supply and has shown the largest price growth throughout February. The grade ranges from $235-280/gt delivered East Coast dock after the material sold at close to $210/gt on Feb 2.
In Boston, the weekly Davis Index for export yard #1 HMS moved up by $9/gt to $333/gt and rose by $10/gt for P&S 5ft to $345/gt, delivered Boston dock. Shredder feed increased by $6/gt to $247/gt delivered Boston export yard.
The weekly Davis Index for export yard buying prices in New York increased by $15/gt for #1 HMS to $346/gt delivered and rose by $14/gt for P&S 5ft to $354/gt delivered New York dock. The index for shredder feed inclined by $15/gt to $267/gt delivered.
In Philadelphia, the Davis Index for export yard collection prices of #1 HMS rose by $15/gt to $343/gt delivered and P&S 5ft went up by $16/gt to $353/gt delivered Philadelphia dock. The index for shredder feed increased by $14/gt to $265/gt delivered.
In Houston, the weekly Davis Index increased by $11/gt for #1 HMS to $369/gt and P&S 5ft moved up by $13/gt to $388/gt delivered Houston dock. The shredder feed index rose $8/gt to $283/gt delivered.