Scrap export market awaits Turkish signal

Mar 25, 2013 | 01:54 PM | Sean Davidson

Tags  ferrous scrap exports, export prices, Turkey scrap, China scrap, scrap, AMM Index, ferrous scrap, Sean Davidson

NEW YORK — The result of a bulk scrap tender released March 25 by a Turkish mill is expected to set the tone for this week’s U.S. and European export prices to the world’s largest scrap-importing nation.

U.S. exports to Turkey all but dried up about two weeks ago after Turkish mills stormed several markets to cover inventory positions for April (, March 18).

At the time, a weaker euro and stronger U.S. domestic market had Turkish steelmakers turning to British, European and Black Sea shores for a majority of their purchases.

On March 25, several market participants said conditions hadn’t changed much since, with U.S. offers reportedly at around $403 to $405 per tonne c.i.f. Turkey last week for an 80/20 mix of No. 1 and No. 2 heavy melt and Turkish mill bids at anywhere between $395 to $400 per tonne, according to a scrap buyer for one Turkish steel producer.....

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