Bulk scrap exporters sit out after sale sinks tags
Dec 03, 2012 | 04:20 PM
| Sean Davidson
NEW YORK North American bulk ferrous scrap export prices nose-dived over the past week after a few sales from the East Coast to Turkey were concluded at significantly lower levels.
U.S. East Coast exporters stepped away from the market Monday after a bulk sale from Canada was concluded at about $10 per tonne below U.S. offers and expectations, market participants said.
Sources said the Canadian exporter sold a large bulk vessel of No. 1 heavy melt, shredded and bonus scrap at a composite price of $380 per tonne c.f.r. Turkey.
Reports of the Canadian sale came shortly after sources reported that a U.S. exporter had booked a bulk sale to Turkey to $392 per tonne c.f.r. Turkey for an 80/20 mix of No. 1 and No. 2 heavy melt scrap. The cargo will also reportedly carry shredded scrap, sold at $397 per tonne, sources said.....
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