Ferrous scrap dock buying prices on the US East Coast weakened further despite the lack of fresh bulk sales, with the downward trend that started a week ago trickling into another export region, according to market sources.
No cargoes were sold from either US coast over the past week, leaving bulk prices flat yet again. But - similar to the declines seen in Boston last week - some market participants in the New York area reported as much as a $20-per-gross-ton price reduction at their local export yards."I believe [a drop of] $20 is too much," a seller into the New York area, who was affected by the decline, told Fastmarkets AMM. "[The exporters] will have to come back up $10 - for a total of down only $10 [per ton] - to make it stick." Still, other sellers in the New York region - as well as sellers to the Philadelphia docks - have not seen any drops...