US West Coast ferrous scrap prices strengthen, Midwest prices trend lower

WASHINGTON (Scrap Monster) : The containerized and bulk prices of ferrous scrap on US West Coast strengthened over the week, whereas Midwest prices trended lower. The demand for ferrous scrap is pushing the prices higher at least in the US West Coast region.

The latest bookings reported are at $360/mt CFR Taiwan, which is higher by $10/mt from the first week in August. Sell deals for HMS 80:20 containers were reported at $330-335/mt FAS, which are also up by $10/mt from the first week in August. There are reports of a US scrap firm selling a bulk cargo to Taiwan at at $365/mt HMS 80:20 basis and $370/mt shredded basis. The offers for bulk cargoes of HMS No. 1 are being quoted at $375-380/mt CFR Korea. The South East Asian buyers are on sidelines, due to the weakened regional currencies against the dollar.

The prices in the Midwest region descended during the week. The deals for obsolete grade scrap were quoting lower prices when compared to previous week offers. The West Coast domestic prices are strengthening. Experts see the September settlements at even higher prices in the West Coast region, whereas the opposite trend is predicted for the Midwest prices.