Ferrous scrap exports stall in Turkey’s absence

Apr 08, 2013 | 04:02 PM | Sean Davidson

Tags  ferrous scrap exports, export prices, Turkey scrap, Malaysia scrap, South Korea scrap, AMM Index, Sean Davidson

NEW YORK — East Coast bulk ferrous scrap exports remain at a standstill as a weak finished product market in Turkey keeps the country’s largest offshore scrap consumer at bay.

Turkish mill buyers failed to return to the docks once the U.S. domestic market settled, as had been anticipated, with market participants describing the past few weeks as "dead," "quiet" or "boring."

A source in Turkey said some mills had picked up small cargoes from neighboring shores, but a majority of the mills remained inactive in scrap markets. "Everybody wants a brave heart to come and buy a U.S. deep-sea cargo to determine the market level," he said. "It is still so quiet. Turkish mills are buying billets and local scrap in order to postpone the deep-sea purchases."....

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