With no end in sight to freefalling bulk export prices for ferrous scrap shipments from the United States to Asia and Turkey, prices also have fallen further at US East Coast docks, which have been starved for a sale for more than a month.
A South Korean producer booked a cargo containing 45,000 tonnes of No1 heavy melting scrap (HMS) from a US West Coast exporter at $313 per tonne cfr on Friday December 28. A total of 122,000 tonnes of scrap from the West Coast is headed to South Korea in January, but this did not stop prices from falling over the year-end holidays. It is unclear how much more downside there is for export prices in the near term, but one South Korean mill source believes "the bottom has yet to be reached."Fastmarkets AMM's West Coast ferrous scrap export index for heavy melt stood at $283 per tonne fob Los Angeles on Wednesday...