Ferrous scrap exports surge; offshore use seen at peak
Oct 16, 2006 | 11:08 AM
| Michael Marley
Overseas demand for ferrous scrap has bolstered the weakening pace of the domestic market during the past two weeks, but some traders said they believe this buying binge has peaked.
East Coast export yards have been the main beneficiaries of the bonanza, led by Turkish steelmakers that have reportedly booked orders for about 10 cargoes of ferrous scrap. Prices of No. 1 heavy melt are said to be about $279 a tonne delivered to eastern Mediterranean ports, while shredded cargoes are $5 a tonne higher.
The buying has also put new pressure on the domestic ferrous market, particularly along the East Cost, where prices for No. 1 heavy melt and shredded have shown little or no signs of easing despite lower prices being quoted in the Midwest and other inland markets this month.....
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