PHILADELPHIA -- The ferrous scrap export market has become a waiting game: U.S. scrap exporters waiting for new orders, and offshore buyers waiting for the price to drop a bit more before they commit to a purchase.

Some U.S. East Coast industry sources said they had seen little or no new business in recent weeks, although many yards on both the East Coast and West Coast still had orders to fill.

One East Coast exporter said he believed most yards were sold out through December and much of January, although his yard could handle "another cargo or two" in January.

But at this point, said another trader, many offshore buyers are looking for prices to drop before they will buy. He and others said they believed that one or two major South Korean steel mills were looking to buy scrap for February delivery, but they want to see the price of No. 1 heavy melt below $300 a tonne delivered.

Another East Coast broker said some U.S. exporters may be willing to drop prices, but how steep a cut is still uncertain.

One West Coast export executive said he was still seeing strong demand from both China and Korea, particularly for premium scrap like shredded and bonus grade (5-foot plate and structural scrap). The Koreans may be looking for lower prices, he said, but he was not sure anyone was willing to cut prices at this point.

Demand was good from Southeast Asia as well, he said, but noted that higher ocean freight costs had made those markets less attractive.

Some mills in Japan and Korea have reduced their offering prices to local suppliers, reportedly by the equivalent of $18 a tonne, and some Russian scrapyards in the Far East were said to have sold A3 scrap, a mix of No. 1 heavy melt and plate and structural scrap, at $290 a tonne delivered to Korean steelmakers in the past month.

That, said one U.S broker, was expected because the Russians typically unload inventory before severe winter weather prevents them from shipping to overseas market.

There also were reports that one northern European exporter had booked sales of shredded scrap to China at prices below the $300-a-tonne mark, but some U.S. industry members said they were doubtful of that report.

"There will be some sales done in the next week or two," said one industry member. "We're just waiting to see which of us is the first to flinch."