US ferrous scrap export pricing under pressure

May 16, 2012 | 03:37 PM | Sean Davidson

Tags  ferrous scrap exports, Sean Davidson

NEW YORK — A strengthening dollar has continued to hurt U.S. East Coast ferrous scrap exporters this week as Turkey and India turned to cheaper markets for their needs.

Turkey, the largest offshore consumer of U.S. ferrous scrap, picked up at least five cargoes in the past four days from Europe as suppliers there lowered dollar-based prices to take advantage of a weak euro.

One large bulk exporter said precarious political developments in Europe had allowed the currency play, which in turn should send U.S. export prices lower.

"The markets look like they’re falling apart. Everybody is scared after the political developments in Europe. I wouldn’t be surprised if the market keeps dropping," he said. ....

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