Uncertainty clouds ferrous scrap export market

May 24, 2013 | 04:07 PM |

Tags  ferrous scrap, exports, prices, No. 1 heavy melt, No. 2 heavy melt, Turkey, U.S., Western Europe Sean Davidson

NEW YORK — The ferrous scrap export market was flooded with rumors of four bulk sales to Turkey from the United States and Europe, but only one sale out of Western Europe was confirmed.

Most market participants refused to accept any of the rumored deals as indicative of the next price level, even though the rumors universally pointed to weaker sentiment.

From the United States, rumors are that an exporter sold either one or two cargoes to a single mill in Turkey at a price level of anywhere between $350 to $355 per tonne c.i.f. for an 80/20 mix of No. 1 and No. 2 heavy melt. More sources reported they had heard the rumored price near the middle of the range, but none had a confirmation from either the mill or the seller.....

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