Ferrous scrap export prices rising
Dec 06, 2011 | 05:34 PM
| Sean Davidson
NEW YORK Ferrous scrap export tags pushed higher this week, with bulk shipments on both the East and West coasts indicating a $10- to $15-per-tonne rise since Monday last week.
Market sources said at least four deep-sea cargoes of an 80/20 mix of No. 1 and No. 2 heavy melting steel scrap were sold to Turkey last week from the East Coast at $426 per tonne c.f.r. On Monday, a fifth cargo of the same mix reportedly was sold to Turkey off the East Coast at $436 per tonne c.f.r.
"I think the sentiment in Europe and Turkey is becoming more positive regarding the market," one source said. "European steelmakers have increased raw material prices. Inventory levels at Turkish mills are low. The Turks are booking cargoes from Europe as currency favors this exchange. However, they will need to look to the U.S. for additional tons and better quality."....
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