Bulk scrap export prices mixed on weak demand

Jan 13, 2014 | 03:30 PM | Sean Davidson

Tags  ferrous scrap, steel scrap, scrap exports, HMS, heavy melt, shredded scrap, Sean Davidson

NEW YORK — U.S. bulk ferrous scrap export prices were mixed this week, with exporters reporting soft demand from most countries. Prices off the West Coast lost some ground, while East Coast exporters raised their offer prices to Turkey, citing a stronger domestic market.

But market participants said there has been very little interest from Turkish buyers, who reportedly bid as much as $12 below U.S. offer prices that are said to be in a range of $405 to $412 per tonne c.i.f. Turkey for an 80/20 mix of No. 1 and No. 2 heavy melt.

U.S. exporters have not sold a cargo to Turkey—their largest volume customer—in more than a month, during which time domestic prices for heavy melt and shredded scrap jumped between $20 and $25 per tonne. Sources said that exporters raised their offer prices from early December levels to capture some of the domestic increase despite the absence of any strong interest from Turkish mills, which reportedly are bidding in a range of $395 to $400 per tonne c.i.f. Turkey for HMS 1&2 (80:20).....

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