Ferrous prices slide in Europe; more declines seen on horizon

Sep 26, 2005 | 03:50 AM | Ben Garside

A $20-per-tonne decline in European ferrous scrap export prices, aided in part by Black Sea scrap sellers accepting lower offers from steel mills in Turkey, has left several western European scrap processors worried that they are likely to face further price reductions.

A Belgian scrap exporter booked an order from one Turkish mill 10 days ago at $220 per tonne f.o.b. for a 60-40 mixed cargo of No. 1 and No. 2 heavy melting steel. Now, some western European scrap traders said, the Turkish mills are unwilling to pay more than $215 or $216 a tonne for the same heavy melt mix, although no business has been reported yet at this level.....

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