Turkish ferrous scrap values drop; lack of export vessels boost freight

Oct 11, 2007 | 02:40 PM | Ben Garside

Turkish steel mills have booked new ferrous scrap cargoes from western European exporters at prices that are $7 a tonne lower than week-earlier bookings, but a U.S. trader said the lack of ships to deliver scrap is a bigger problem than any additional price cuts.

A Benelux exporter this week sold a cargo containing an 80-20 mix of No. 1 and No. 2 heavy melting steel scrap for $336 a tonne, delivered to a Turkish port, industry sources said. A week earlier, one Turkish mill had paid $343 a tonne for the same grades of ferrous scrap from a U.S. East Coast exporter amid a small flurry of buying.....

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