Turkish buyers’ return creates havoc in US ferrous scrap market
Nov 12, 2009 | 10:14 AM
| Michael Marley
Turkish steelmakers have returned to the international scrap market and bought eight cargoes of ferrous scrap, some at prices as much as $25 per tonne higher than the previous sales, industry sources said.
The Turkish mills are believed to be low on scrap inventories and have asked that all of the tonnage be delivered in December, one trader said.
Word of those sales have caused havoc in the U.S. domestic ferrous scrap market. Mills that hadn't completed their buys for their November melt programs were learning that there was little or no scrap to be had at the prices that prevailed earlier this month. Others who said they were hoping to stave off some of their purchases until December, when they believed the metals would be more readily available from some dealers.....
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