Turkish exports of rebar may lift scrap demand

Nov 25, 2013 | 03:10 PM | Sean Davidson

Tags  scrap, bulk scrap, ferrous scrap, scrap exports, scrap prices, HMS, heavy melt, Sean Davidson

 NEW YORK — Prices for bulk ferrous scrap exports to Turkey trended sideways this past week as higher freight rates put a damper on recently booked vessels.

Market participants reported just two cargo sales to Turkey this past week: one each from Europe and the United States at $389 per tonne c.i.f. Turkey for an 80/20 mix of No. 1 and No. 2 heavy melting scrap.

A modest increase in bulk freight rates, however, meant that pre-shipping values for U.S. scrap lost a little ground as AMM’s weekly East Coast Ferrous Scrap Export Index settled Nov. 25 at $357.08 per tonne f.o.b. New York, down 0.7 percent from $359.65 per tonne a week ago.....

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