Turkey turns to Europe as US resists low scrap bids
Nov 12, 2013 | 03:07 PM
| Sean Davidson
NEW YORK U.S. bulk ferrous scrap exporters resistance to lower price bids from Turkey and a stronger dollar resulted in a flurry of deals booked out of Europe this week.
Market participants said U.S. offers were unchanged at $395 per tonne c.i.f. Turkey for an 80/20 mix of No. 1 and No. 2 heavy melt scrap, despite a small drop in European sales prices this week.
"Turkey needs 1 million to 1.5 million tonnes per month. They are drying up Europe now but theyll be back," one exporter said. "The market in Europe is preferential to Turkey due to currency changes. The European shippers seemed to price their cargoes just under what the Turks could buy from the United States in order to get them booked. However, there is no underlying weakness in the E.U. market and a continuation of these prices cannot be expected as Turkey still needs to book another 10 to 15 cargoes for December."....
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