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US: Ferrous scrap export index falls by $2/t w-o-w amid weak buyer activity

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Melting Scrap

BigMint Bureau

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3 Jan 2025, 18:31 IST

US: Ferrous scrap export index falls by $2/t w-o-w amid weak buyer activity

Holiday slowdown keeps scrap prices under pressure

Market to recover as activities pick up post-holidays

US ferrous scrap export prices fell by $2/t w-o-w, indicating a slow start to CY'25. Reduced buying during the New Year holidays and lower bids from mills pushed prices down.

In the US domestic market, flat-rolled steel prices remained stable, with buyers showing little interest in imports and uncertainty about possible tariffs under the new Trump administration affecting market activity.

FOB assessments (US East Coast, bulk)

HMS (80:20) decreased by $2/t w-o-w to $321/t.

Shredded fell by $2/t w-o-w to $341/t.

CFR assessments (bulk)

HMS (80:20) was at $346/t CFR Turkiye, a dip of $3/t w-o-w.

HMS (80:20) stood at $352/t CFR Vietnam, stable w-o-w.

HMS (80:20) was at $364/t CFR Chattogram, down by $4/t w-o-w.

Buyer side update

Turkiye: Turkish demand for US-origin ferrous imported ferrous scrap remained subdued, with mills pushing for lower prices amid weak restocking activity during winter holidays.

US-origin HMS (80:20) bulk scrap prices dropped to $346/t CFR Turkiye, while FOB prices from the US East Coast declined to $320/t. Despite these reductions, US suppliers attempted to hold offers firm, pricing HMS (80:20) in the $350-355/t CFR range.

However, Turkish mills targeted lower levels, amid expectations that Baltic-origin HMS (80:20) could drop below $345/t CFR.

Bangladesh: Bangladesh's imported scrap market displayed mixed trends over the past week. Bulk scrap inquiries from the US remained sluggish, with a deal recently heard two weeks back for a Chattogram-based mill.

Despite limited demand for US-origin scrap, offers remained high, ranging within $370-375/t, but buyers remained cautious, bidding below $360/t. Market insiders mentioned cautious procurement due to material shortages, a stronger dollar, and the slow resumption of construction projects.

Vietnam: Vietnam's imported scrap market saw limited activity during the week as year-end slowdowns took hold. US-origin deep-sea scrap offers remained steady at $350-355/t CFR Vietnam, but buyers were hesitant due to high procurement volume needs and concerns over costs.

The wide bid-offer gap further stifled transactions, while mills operated at reduced rates amid financial instability and US-China trade tensions.

Outlook

Industry insiders expect US scrap collection and Turkish mill bookings to resume by mid-January, which is likely to increase trade. In Bangladesh, market activity may recover, as side projects gradually restart in the near term.