Offshore buying binge to pinch ferrous scrap mart

Nov 16, 2009 | 12:21 PM | Michael Marley

Offshore demand for ferrous scrap remains strong, threatening to dry up what little supplies might be left in the U.S. market for the domestic steelmakers.

Turkish steelmakers late last week bought five more cargoes of ferrous scrap—two from Europe and three from the United States—bringing to eight the number of cargoes bought during the past two weeks.

The latest sales include cargoes of shredded at prices of $289, $291 and $293 per tonne delivered. The 80-20 mix No. 1 and No. 2 heavy melting steel portions of those cargoes were priced $5 per tonne less than the shredded portion, while the bonus grade (five-foot plate and structural scrap) shares were $5 per tonne higher. Ocean freight rates from the U.S. East Coast have risen between $35 and $40 per tonne.

Much of this scrap is expected to be delivered to Turkish ports in December, while a few might lag until January.....

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