E. Coast bulk scrap export prices decline
Aug 17, 2012 | 02:37 PM
| Sean Davidson
NEW YORK Ferrous scrap export prices off the East Coast dropped by about $6 per tonne Friday after exporters booked several bulk sales to Turkey in late-week trading.
Two exporters reportedly completed double bulk cargo sales to different Turkish mills on Thursday and Friday at lower prices than recent transactions.
Market sources in the United States and Turkey confirmed one 85,000-tonne sale to Turkey comprising an 80/20 mix of No. 1 and No. 2 heavy melt, shredded, and plate and structural scrap at $408, $413 and $418 per tonne c.f.r. Turkey, respectively.
A second U.S. exporter was said to have made another sale of two bulk cargoes to a different Turkish steel producer at the same price levels.
These prices are nearly $6 per ton lower than previous sales, which averaged about $414 per tonne for HMS 1&2 (80:20) delivered into Turkey. Exporters sold seven bulk cargoes the previous week at around the same price level (amm.com, Aug. 13) before allowing prices to cool slightly this past week.....
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