Ferrous scrap exporters expect tag rebound
Nov 14, 2011 | 06:42 PM
| Sean Davidson
Tags
US ferrous scrap exports,
Turkey,
Far EAst Asia,
South Korea,
East Coast,
WEst Coast,
bulk scrap shipments,
containerized scrap shipments
Sean Davidson
NEW YORK — U.S. ferrous scrap exporters are expecting a price rebound this week as Turkish buyers return to the market from a week-long religious holiday and some sales to Far East Asian markets strengthened by up to $10 per tonne in the past week.
East Coast exporters reported a dull week, with no bulk sales to Turkey and thin volumes of containerized scrap shipments to India, but West Coast exporters had a relatively busier week, with four bulk shipments as well as container shipments mainly to South Korea and Taiwan.
A large exporter said that Southeast and Far East Asian consumers kept trading alive, pushing U.S. export numbers higher from the previous week.
"The main action is in the Far East, which has moved up with business over $430 per tonne for heavy melt scrap to Southeast Asia. Taiwan containers went up about $10 per tonne to $405 for shredded scrap and $400 for heavy melt scrap," he said. U.S. exporters have raised offers by $10 per tonne this week after those trades, he added.....
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