Recyclers on the East Coast of the United States reduced their dock prices in the week to Monday August 23 in the wake of a lower-priced deep-sea ferrous scrap export sale to Turkey and ahead of an anticipated $20- to $30-per-gross-ton drop in September's domestic trade.
"Next month, because we are on the East Coast, I am sure local mills will take cuts down a minimum of $20 per gross ton and will knock primes down $20-30 per ton," an East Coast scrap source said, pointing to the impact of the domestic market's pricing trend on more export-dependent US markets."But it is the end of the summer. There will be a lot of shutdowns, so I am not so optimistic for next month or so, but again I am very optimistic for the long term for scrap. There are new mills coming online...