Turkish buying binge boon for US scrapyards

Nov 11, 2008 | 09:52 AM | Michael Marley

A flurry of buying by Turkish steel mills, which has doubled ferrous scrap prices during the past week, has provided a much-needed outlet for many scrap dealers along the U.S. East Coast and even those further inland.

U.S. steel mills have sharply cut their buying this month, both in terms of volume and pricing. At the docks, though, export yard prices have bounced back from the lows seen in the past month, sources said. Several pegged offers in a range of $140 per long ton to as high as $190 per ton for No. 1 heavy melting steel scrap, and from $170 to $200 a ton for bonus grade scrap (5-foot plate and structural).....

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