The United States' ferrous scrap export market faces negative pressure after a Canadian sale to Turkey at a steep drop, while East Coast docks begin an aggressive plan to lower buying prices more frequently than weekly and West Coast docks starve for material due to inbound flows halting in some areas.
A Canadian exporter sold a cargo on Wednesday March 18 that includes a 90:10 mix of No1 and No2 heavy melting scrap (HMS), shredded scrap and bonus-grade scrap at an average price of $255 per tonne. Aside from one sale last week for a 32,000-tonne cargo that included 14,000 tonnes of HMS 1&2 (80:20) at $275 per tonne, 16,000 tonnes of shredded scrap at $280 per tonne and 2,000 tonnes of bonus scrap at $285 per tonne, there has been no activity on the East Coast. The West Coast market...