Turkish buys further sink US scrap export tags

Sep 17, 2012 | 04:28 PM | Sean Davidson

Tags  ferrous scrap, export prices, scrap sales, bulk cargoes, Turkish buys, Sean Davidson

NEW YORK — U.S. bulk export prices dropped another 4 percent this past week after Turkish mills returned to U.S. shores with lower tags attached to large-volume deals.

About a dozen East Coast bulk cargoes were reportedly booked this past week as sellers lowered numbers to match offers, opening the floodgates to bulk activity.

Market participants said a stronger euro brought relative price parity with the more desired and higher-quality U.S. scrap.

"This has not happened for many years," one source based in Europe said. "Offer prices from Turkish mills for European and Black Sea scrap are almost the same as the prices given to U.S. companies. The material originating from the USA is a lot better than ours, and that is the reason for these many U.S. deals." ....

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