Turkish demand prompts effort to raise prices

Dec 01, 2006 | 08:18 AM | Ben Garside

A new ferrous scrap buying binge by Turkish steelmakers appears to be under way, spurring some exporters to seek higher prices.

One Turkish mill bought a mixed cargo—half shredded scrap and half an 80-20 mix of No. 1 and No. 2 heavy melting scrap—from a U.S. East Coast scrap exporter at $277.50 per tonne delivered, about $3 to $4 a tonne higher than exporters were seeking a week earlier.

On the heels of that sale, industry sources said exporters were seeking higher prices for their scrap and that interest by the Turkish mills had not waned. Some offers for heavy melt scrap were said to have reached as high as $281 per tonne delivered to Turkish ports, although no confirmed orders were reported at these levels.....

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