Turkey fuels ferrous scrap export gains

Jul 29, 2013 | 05:43 PM | Sean Davidson

Tags  ferrous scrap, steel scrap, scrap exports, heavy melt, ferrous scrap export index, 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....

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