US ferrous scrap export prices are losing ground, with bulk export pricing on the West Coast falling in two cargo sales to Asia and containerized scrap facing more downward pressure on both the East and West Coasts.
The first of the two cargoes sold by West Coast exporters to Asian mills during the past seven days was for a full cargo of shredded scrap, booked by a Bangladeshi buyer at $387 per tonne cfr. This was up by $7 per tonne from the preceding cargo sale of similar composition sold to India two weeks ago at $380 per tonne cfr. Meanwhile, a second cargo containing 40,000 tonnes of No. 1 heavy melting scrap was sold to a South Korean producer at $362.50 per tonne cfr. This deal transacted $10.50 per tonne lower than the preceding cargo booked by a Vietnamese mill at $373 per tonne cfr. South Korea is still actively buying in the bulk market, a trader source said, noting that two South Korean steelmakers booked A3-grade scrap from Russia at $355 per tonne cfr late last week. "I think the market will probably go down...