Ferrous scrap eyes bottom, export prices fall
Sep 19, 2012 | 04:07 PM
| Sean Davidson
NEW YORK U.S. ferrous scrap export prices to Turkey shed a few more dollars this week after one exporter completed two bulk cargo sales off the East Coast.
The two salesmade to different consumersfollowed last weeks major spike in bulk sales to Turkey, which traded at about $375 per tonne c.f.r. Turkey for an 80/20 mix of No. 1 and No. 2 heavy melt at volumes of 40,000 tonnes or more (amm.com, Sept. 17).
On Wednesday, two fresh sales of HMS 1&2 (80:20) were concluded at $372 and $370 per tonne c.f.r. Turkey, market participants in the United States, Turkey and Europe said. Although the market was divided on whether the $372 sale was concluded this week or last week, sources said there was no question that the $370 sale was done this week. The cargo reportedly comprised 30,000 tonnes of HMS 1&2 (80:20) and 15,000 tonnes of shredded scrap, which sold at $375 per tonne c.f.r.....
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