US exporters have cut their offers
again from last week's trade price due to weak demand in both global and
domestic market. Suppliers have cut their prices again with an average of US$
10/MT.
“US ferrous scrap export prices are
likely to fall further. Ferrous scrap export yard buying prices have dropped an
average of $10 per gross ton for various grades this week. We are struggling to
find offshore consumers and the domestic market has indicated weaknesses”, said
an exporter based in US.
“Buying prices at the docks had dropped $10 per ton for all
cut grades, taking the price of No. 1 heavy melt to about US$ 390/MT at most
East Coast yards. Moreover, on each coast, prices paid to dealer to the export
ports went down $10 to $20 per ton, depending on the quality of the materials”,
he added further.
East coast exporters are waiting for improvement in demand
from Turkish importers, while West Coast exporters said holidays in East Asia
due to the Lunar New Year had more or less frozen trade. It might pull scrap
offers down in the coming weeks.
Leave a Reply