Demand drives ferrous scrap export prices up
Apr 09, 2012 | 03:52 PM
| Sean Davidson
NEW YORK Ferrous scrap export prices jumped between $5 and $10 per tonne last week, driven by sustained demand from Turkey off the East Coast and Taiwan off the West Coast.
East Coast exporters said bulk cargo sales to Turkey of the 80/20 mix of No. 1 and No. 2 heavy melting steel scrap were in a range of $451 to $453 per tonne c.f.r., up between $8 and $10 from a week earlier. Sources said freight had stayed steady at around $26 per tonne, but some said freight could soften by up to $2 per tonne in coming weeks.
Contradicting reports of East Coast bulk cargoes to Turkey suggested anywhere between four and eight cargoes sold last week. AMM confirmed four sales early in the week at prices that were up $8 per tonne before rising an additional $2 by Thursday.....
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