Ban on scrap export from Russia including eastern
major ports could boost demand for material from the U.S. West Coast, although
the industry is divided on just how much prices in the domestic U.S. market
will be affected.
A market source said, “South Korean buyers would
likely boost their demand from U.S. further, which would lend support to
stronger U.S. West Coast prices. However, scrap consumers and traders differed
on how much a West Coast uptick could impact domestic prices.”
Earlier this week, the American Scrap Coalition
(ASC) and Steel Manufacturers Association (SMA) called on the U.S. government
to take action under international trade laws to stop Russia from export ban.
Some industry sources argue that the impact on
domestic prices, if any, would be minimal.
Further, sales to Turkish mills also slowed down as
buyers feel that prices have reached its peak. Offers for mixed material HMS
1&2 (80:20) reached at US$ 445/MT CFR Turkey.
According to an exporter based in US, “Three
transactions were heard this week, yet trade has slowed, with some in the
market sensing that prices have peaked. Two European cargoes were bought by one
mill in northern Turkey and one with melting facilities in the south.”
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