April 2012 | Steel Raw Materials
US East Coast export market remains relatively quiet, as exporters look to May: Scrap Highlights
If US inland buying intensifies domestic scrap values could see support in May.
The US East Coast export market was relatively quiet this week, with price expectations for May uncertain. This week, prices for US East Coast export HMS No.1 remained unchanged at $430/tonne FOB with Aprils monthly average at $425/tonne, similar to monthly averages of US East Coast export HMS No.1 prices in March 2012. There was little activity in the market from Turkish merchants this week; however, US East Coast exporters have remained active in the US domestic market, raising their buying prices in order to attain necessary scrap material. Market participants have noted that if inland buying becomes more aggressive, US domestic scrap prices could see support for May prices. As US East Coast exporters increase their purchases of domestic scrap, the overall supply of scrap in the domestic market will begin to see reductions. The contraction...
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