Prices for US heavy melting scrap (HMS) exports to Turkey dropped by as much as $10 per tonne in three lower-priced cargoes reported on Tuesday July 10, while the bulk scrap market off the US West Coast remained quiet.
The lowest-priced cargo involved 36,000 tonnes of an 80:20 mix of No 1 and No 2 HMS sold at $343 per tonne cfr - down from cargoes sold at around $353 per tonne cfr from the US East Coast in the last week of June. As a result of the those sales, American Metal Market's East Coast ferrous scrap index for heavy melt fell to $324.26 per tonne fob New York, down from $332.50 per tonne a week earlier. The weekly shredded scrap index dropped to $335.33 per tonne fob New York, down from $347 per tonne, narrowing the spread between US shred and heavy melt exports to $11.07 per tonne from $14.50 per tonne a week ago. The West Coast ferrous scrap index for heavy melt stayed flat at $332 per tonne fob Los...