Ferrous scrap export prices jump after lull

Jan 07, 2013 | 05:33 PM | Sean Davidson

Tags  ferrous scrap, scrap exports, scrap prices, AMM West Coast Ferrous Scrap Export Index, AMM East Coast Ferrous Scrap Export Index, heavy melt, shredded scrap, scrap exports

NEW YORK — Three new bulk ferrous scrap sales to Turkey off the East Coast were concluded late last week, sending prices upward after a two-week lull.

Market participants said that the primary driver for higher prices was a strong increase in Mid-Atlantic prices due to scrap flow concerns.

Two U.S. exporters sold mixed bulk cargoes to different consumers late Friday at $405 per tonne c.i.f. Turkey for an 80/20 mix of No. 1 and No. 2 heavy melt.

One exporter sold around 27,000 tonne of HMS 1&2 (80:20), 10,000 tonnes of shred and 5,000 tonnes of plate and structural scrap at $405, $410 and $415 per tonne c.i.f., respectively, according to several market sources. The second exporter sold about 32,000 tonnes of HMS 1&2 (80:20) and 13,000 tonnes of shred at $405 and $410 per tonne c.i.f., respectively.....

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