Ferrous scrap export prices are down on both US coasts, as Turkish and South Korean mills secured lower prices than in recent weeks for US scrap.
The latest cargo to Turkey from the US East Coast, first heard on July 26, had HMS 1&2 (80:20) priced at $335 per tonne cfr, for September shipment, market participants said.That cargo, they said, has set the stage for lower prices in other regions, as one South Korean steelmaker snapped up a 48,000-tonne bulk cargo, sold off the US West Coast, on July 31, with the HMS 1&2 (80:20) portion priced at $349 per tonne cfr, into South Korea. The prior West Coast deal to South Korea, likely concluded around July 12, transacted at $356-$357 per tonne cfr for HMS, indicating a $7-$8 per tonne dip in prices over three weeks, they said. The more recent Korean cargo comprised 8,000 tonnes of HMS, 25,000 tonnes of shredded, 10,000 tonnes of plate and structural and 5,000 tonnes of busheling scrap,...