Ferrous scrap export prices trekking higher
Nov 21, 2011 | 04:19 PM
| Sean Davidson
NEW YORK Ferrous scrap export prices have begun to push higher amid expectations that the domestic market will rise modestly in December, market participants said.
Bulk prices have risen by as much as $3 per tonne, one market source said, claiming a large U.S. exporter had increased offer prices at an East Coast export yard by $10 per tonne this week.
Other sources said two or three deep-sea cargoes had sold from the East Coast in the past few days at about $425 to $427 per tonne for bonus-grade scrap, with shredded scrap $5 below the bonus grade. None of the transactions were confirmed by Turkish consumers.
"I heard that a bulk cargo was sold last week to Turkey at about $2 or $3 higher," the first source said. "A local bulk exporter quoted us $10 (higher) for No. 1 heavy melt scrap. The offer was $360 per tonne, but we are holding out for better pricing in December-January."....
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