US West Coast bulk ferrous scrap export prices have picked up on two bulk sales while the East Coast market remains quiet with US exporters focusing on securing supply that has been decimated by multiple price reductions and bad weather conditions.
Two cargoes were traded off the West Coast in the past seven days, according to sources. The first cargo contained 21,000 tonnes of an 80:20 mix of No 1 and No 2 heavy melting scrap (HMS) and 21,000 tonnes of shredded scrap, booked by a Vietnamese mill at an average price of $354 per tonne cfr. A second West Coast cargo comprising 30,000 tonnes of shredded scrap was sold to a Thai buyer at $353-354 per tonne cfr. Export sources in the US believe there is no more downside for bulk prices in the near term, although an Asian trader doesn't think that Vietnamese buyers will not be receptive to higher prices."I think Vietnamese buyers will lower their bids because there are many US offers right now," the trader in Asia said, adding that US offer prices stood at $350-355 per tonne cfr for HMS1&2 (80:20). American Metal Market's West Coast ferrous scrap export...