Scrap cargo set for Egypt diverted to Turkey
Aug 21, 2013 | 05:19 PM
| Sean Davidson
NEW YORK A strike at a steel mill in Egypt has benefited at least one North American scrap exporter after a vessel carrying 50,000 tonnes of ferrous scrap was diverted to a mill in Turkey for a higher price.
In a deal booked Aug. 20, the cargo carrying 33,000 tonnes of shred, 13,500 tonnes of No. 1 heavy melt, 1,500 tonnes of plate and structural and 1,000 tonnes of cast iron scrap was sold for an average price of $385 per tonne c.f.r. Turkey, according to market participants.
The vessel was just three to four days away from arriving at Adabiya port in Egypt before the North American exporter was informed of the buyers inability to accept the vessel, according to a source.....
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