Bulk scrap export prices hit three-year low

May 20, 2013 | 04:27 PM | Sean Davidson

Tags  ferrous scrap exports, export prices, Turkey scrap, South Korea scrap, AMM Ferrous Scrap Export Index, Sean Davidson

NEW YORK — U.S. East Coast bulk ferrous scrap export prices fell to a three-year low this past week as Turkish mill buyers continued to hammer down prices.

Market participants reported only one confirmed bulk sale off the East Coast to Turkey last week, while a few sources said there were unconfirmed reports of a second bulk sale.

A trading company sold the only confirmed cargo May 15, about a week after purchasing the cargo from a U.S. exporter. Although initial market chatter pegged the average price of the sale at $364 or $365 per tonne for a mix of heavy melt and shred, sources later said that the cargo of 10,000 tonnes of shred and 20,000 tonnes of an 80:20 mix....

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