West Coast scrap index soars on China sale
Jan 14, 2013 | 04:59 PM
| Sean Davidson
NEW YORK U.S. West Coast bulk export prices jumped more than $11 per tonne in the past week as demand from East Asia continued to drive prices in the region.
Market participants expect more interest from buyers in China and Taiwan this week as mills look to fill inventories before the Chinese New Year holiday next month.
Sources said that a U.S. exporter had sold a bulk cargo of shred to a Chinese mill last week at $430 per tonne c.i.f. The lone West Coast sale put AMMs West Coast Ferrous Scrap Export Index at $387.77 per tonne f.o.b. Los Angeles for an 80/20 mix of No. 1 and No. 2 heavy melt, up 3.1 percent from $376.01 previously.....
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