Ferrous exporters drop E. Coast buying prices

May 21, 2012 | 04:13 PM | Sean Davidson

Tags  ferrous scrap, exports, Sean Davidson

NEW YORK — U.S. East Coast ferrous scrap export yards have dropped buying prices by $10 to $20 per gross ton in the past week as negative sentiment pervades the market.

Market players in Boston, New York, New Jersey and Philadelphia said large exporters had cut buying prices following weak sales to Turkey.

Export prices to Turkey fell about $20 per tonne in about two weeks after one exporter completed North America’s only bulk sale to Turkey on Thursday (AMM, May 21). The exporter offered a grim near-term outlook, saying it was unable to sell a second bulk cargo at the same marked-down price.....

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