Latest US bulk sale to Turkey dims scrap outlook
Nov 14, 2012 | 04:16 PM
| Sean Davidson
NEW YORK U.S. ferrous scrap export prices to Turkey could be under pressure after a fresh bulk sale this week indicated some softening, according to market participants.
Several Turkish and U.S. sources said they have begun to question the overwhelming bullish sentiment that overtook the market following Hurricane Sandy after two U.S. bulk deals to Turkey were concluded in the past five days at levels slightly below where they had anticipated.
A cargo of about 25,000 tonnes of an 80/20 mix of No. 1 and No. 2 heavy melt, shred, and plate and structural scrap sold off the East Coast to a Turkish mill at $410, $415 and $420 per tonne c.f.r., respectively, according to market sources. A few traders, however, said they had sufficient reason to believe the actual traded price was about $1 or $2 per tonne lower.....
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