Export yard buying prices were relatively flat on the West Coast while Houston dock buying prices rebounded as docks sought to attract volumes on Tuesday.
Additionally, higher-priced scrap import deals by Turkish mills and inquiries by Asian buyers this past week, gave the gulf city momentum to increase prices. Domestic mill prices remained attractive despite the discount of $30-50/gt depending on grade compared to March settled prices leading docks to increase prices on Tuesday to attract inventories.
The weekly Houston export yard buying indices rebounded on Tuesday. The weekly Davis Index for HMS 1&2 (80:20) surged by $46/gt to $160/gt delivered, P&S 5ft rose by $41/gt to $180/gt delivered, and shredder feed increased by $16/gt to $115/gt delivered.
In Los Angeles, the Davis Index for HMS 1&2 (80:20) dropped slightly by $4/gt to $135/gt delivered, while the index for P&S 5ft declined by $2/gt to $154/gt delivered. The index for shredder feed was flat at $88/gt delivered. A decline in LA dock buying prices was announced on April 1 and while the general range has not changed since that date, sellers have reported a slight decline in the effective buying prices.
In San Francisco, the Davis Index for export yard HMS 1&2 (80:20) was unchanged at $140/gt and remained at $152/gt delivered for P&S 5ft. The index for shredder feed held at $106/gt delivered.
The Davis Index in Portland ticked up slightly on efforts to attract inventories despite continued uncertainty to Asia-bound export markets. The index for HMS 1&2 (80:20) increased by $5/mt to $157/gt delivered and was up for P&S 5ft by $6/gt to $167/gt delivered. The index for shredder feed increased by $5/gt to $109/gt delivered. Some suppliers believe that bulk buys may gain interest as Asian economies begin to rebound despite continued difficulties in obtaining containers. Market participants are concerned about downward adjustments despite the temporary increase in indices as some regional mills remained out of the market through the early April scrap trading week.