US bulk scrap sale affirms bearish market
Jan 15, 2014 | 05:26 PM
| Sean Davidson
NEW YORK A bulk ferrous scrap cargo has shipped off the East Coast to Turkey at prices well below offers earlier in the week, cementing the bearish outlook that has rapidly gripped the market.
Uncertainty on price direction in the U.S. and Turkish scrap markets forced one U.S. exporter to ship cargo carrying mostly heavy melt scrap at about $10 below prices offered to Turkey Jan. 13, according to sources.
This is the first U.S. bulk cargo sale to Turkey in more than five weeks and market participants said the cargo shipped Jan. 15 at $396 per tonne c.i.f. Turkey for an 80/20 mix of No. 1 and No. 2 heavy melt. Barely a day or two earlier, U.S. offer prices were reported in a range of $405 to $412 per tonne, while Turkish mills countered with bids in a range of $395 to $400 per tonne (amm.com, Jan. 13).....
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