E. Coast ferrous scrap export prices lose steam
Nov 30, 2012 | 04:28 PM
| Sean Davidson
NEW YORK Weaker ferrous scrap tags and offers to Turkey and India have encouraged some East Coast exporters to drop buying prices at their yards, according to market participants, with others poised to follow.
Some exporters began lowering buying prices after both the bulk and containerized scrap export markets softened this past week.
Exports of containerized scrap ground to a halt after Indian buyers dropped their bids by up to $25 per tonne (amm.com, Nov. 27). A day later, a bulk sale to Turkey was concluded at about $395 per tonne for an 80/20 mix of No. 1 and No. 2 heavy melt, a $12-per-tonne drop from mid-November prices (amm.com, Nov. 28).
By late Thursday, several domestic suppliers of heavy melt to East Coast export yards from New England to the Southeast said exporters had dropped buying prices by up to $20 per ton at some locations. Other yards are largely expected to follow in coming days.....
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