All eyes on US mart as Turks buy foreign scrap

Apr 18, 2013 | 03:26 PM | Sean Davidson

Tags  ferrous scrap, bulk scrap, scrap export prices, Black Sea, Baltic Sea, Sean Davidson

NEW YORK — Two Turkish steel mills bought three bulk scrap cargoes from Europe and Russia this week, turning the spotlight on the United States as the market awaits the next price level for U.S. scrap.

Turkey, the largest offshore consumer of U.S. scrap, has booked only one cargo off the East Coast in the past five weeks, and this week’s bulk cargo sales from the Baltic and Black seas are expected to force a new market level for scrap prices in a weak demand environment.

Market participants said that a Baltic Sea cargo was booked to a Turkish mill at an average price of $383.50 per tonne c.i.f. Turkey for a full cargo of an 80/20 mix of No. 1 and No. 2 heavy melt scrap, with a 10-percent cargo allowance for bonus scrap. A second Baltic Sea cargo reportedly was booked by the same buyer from a different supplier at an average price of $382.50 per tonne c.i.f. Turkey for 20,000 tonnes of HMS 1&2 (80:20) and 8,000 to 9,000 tonnes of shredded scrap.....

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