Port closure boosts spot market elsewhere
By Editorial Staff, Resource Recycling
The effects of Hurricane Sandy are being felt in the spot market for recyclable materials, including plastics.
Approximately 20 percent of the U.S. exports of secondary materials shipped in containers moves through the ports of New York and New Jersey.
The Sandy superstorm caused the ports to be shuttered for about one week, due mainly to the lack of electrical power. As a result, offshore buyers quickly sought tonnage from other areas of the country, especially the West Coast. This required these consumers to pay a premium to acquire sufficient volumes, and the value of recovered fiber rose by $20 per ton or more. Several industry members said the premium for additional loads of recyclable plastics increased about 2 cents per pound.