Bulk scrap sale to Turkey arrests price decline

Jun 04, 2013 | 06:20 PM | Sean Davidson

Tags  steel scrap, ferrous scrap, scrap exports, heavy melt, heavy melting scrap, Turkey, Sean Davidson

NEW YORK — A fresh bulk cargo sale of ferrous scrap from the East Coast to Turkey has some market participants believing the market is at or near its floor.

A 40,000-tonne cargo was sold June 3 at a price basis of $344 per tonne for an 80/20 mix of No. 1 and No. 2 heavy melt, market sources said. The price is about $1 lower than previously reported levels for similarly sized cargoes and the last confirmed East Coast sale May 31 at a composite price of $345 per tonne (amm.com, June 3).....

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