Exporters, Turkish mills wait for US scrap cues

Oct 02, 2012 | 01:24 PM | Sean Davidson

Tags  ferrous scrap exports, Turkey, International Rebar Exporters and Producers Association, Sean Davidson

MUNICH — U.S. ferrous scrap exporters and buyers for Turkish mills are headed for a price standoff as the market awaits more direction from U.S. domestic prices this week as well as Turkish rebar sales, sources told AMM.

Market participants gathered this week for the 67th International Rebar Exporters and Producers Association (Irepas) meeting and SteelOrbis conference in Munich said several discussions had taken place between buyers and sellers as they look for more clarity on the markets before committing to a new price level.

Buyers for some Turkish mills told AMM they would wait to see if domestic prices in the United States drop this week, then open negotiations with U.S. exporters. However, a few U.S. exporters said buyers shouldn’t expect any drastic decline in export prices, even if current speculation of a domestic market drop of between $30 and $50 per gross ton becomes reality.....

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