Turkey fuels ferrous scrap export gains
Jul 29, 2013 | 05:43 PM
| Sean Davidson
NEW YORK A late-week surge in prices of ferrous scrap exports to Turkey helped lift overall East Coast prices by nearly $10 per tonne.
After one exporter sold a mixed cargo of around 30,000 tonnes July 24 at a price basis of $372 per tonne c.i.f. Turkey for an 80/20 mix of No. 1 and No. 2 heavy melt scrap, two more East Coast cargoes sold at higher price points and lower freight rates.
Market participants said two cargoes of at least 40,000 tonnes of ferrous scrap from different exporters were sold to Turkey July 26 at a price basis of $375 per tonne for HMS 1&2 (80:20). Although the sales were just $3 per tonne higher on a delivered basis, the freight differential due to different vessel sizes and single-port vs. two-port loading indicates that pre-freight values on the East Coast for the larger vessel exporters are significantly higher than those achieved by....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.