NEW YORK West Coast
export prices for containerized ferrous scrap shed $5 per tonne
this past week ahead of Februarys Chinese New Year
The decline, which amounts to
$10 per tonne over the past two weeks, has prompted some market
participants to suggest the market might have reached its
Market participants reported
sales in a range of $385 to $390 per tonne c.f.r. Taiwan for an
80/20 mix of No. 1 and No. 2 heavy melt, down from the previous
weeks range of $390 to $395 per tonne.
Larger-volume exporters secured
sales at the high end of the range; some said demand from
certain countries, such as Taiwan, was consistent with the
previous weeks levels.
A few sources said there had
been some low-tonnage sales at $375 to $380 per tonne c.f.r.
Taiwan, but the bulk of the heavy melt scrap volume exported
this past week traded in a range of $385 to $390 per tonne
"We sold a normal amount this
week. Demand is consistent. ... I do believe there will be a
slight pause from buyers over the Chinese New Year, as no one
wants to be long during that period," one exporter said.
"Demand actually seems to still
be there. ... Some larger traders I know, who mainly go to
(southern Taiwan) mills, actually were willing to increase
their pricing from last week (from) $360 per tonne f.a.s. Los
Angeles to $365," a second exporter said.
"In the end, maybe this downward
trend will only last through the Chinese New Year," he added.
"I am not so sure on China and Vietnam."
A buyer for a steel producer in
Taiwan told AMM the market expects mills in Taiwan
will have to restock quickly once the holiday ends.
"Finished product demand is
slack due to the upcoming Lunar New Year. Expectations are that
after the Lunar New Year, we will have a restocking situation,"
Southeast Asia "on the average
is slow," the buyer added. "Thailand/Malaysia is in the
$370-(per-tonne range) for containerized heavy melt from South
and Latin America. There are still some major traders holding
unsold positions, which need to be released soon."
A fourth source pegged
containerized HMS 1&2 (80:20) sales to Vietnam at about
$410 per tonne.