Tight ferrous scrap supply in the United States export market is fueling expectations that prices for all grades could jump by as much as $40 per gross ton in November's trade, with domestic prices expected to mimic the recent surge in their exported counterparts.
"We're on the first stage of the rocket, and we're going to see a $100-per-ton increase by the year end. I think minimum $40 per ton next month and I don't see that stopping. We are looking at '08 levels for pricing," a Philadelphia export source said of the domestic market."All the exporters are short now. They need scrap. Our flows are not very good, and winter is coming," that source added.In the wake of an almost $30-per-tonne week-on-week increase in US export prices in sales reported between October 8 and October 15, recyclers on the US East and West Coasts raised their dock prices accordingly. Fastmarkets assessed the export yard buying prices for steel scrap No1 heavy melt, delivered to yard Philadelphia and steel...