Signals mixed as Turks eye export price rise
Mar 12, 2014 | 03:07 PM
| Sean Davidson
NEW YORK Turkish steel mills stayed away from ferrous scrap markets March 12 as contradictory data stemming from weaker iron ore prices and stronger foreign currency markets left many perplexed on the direction of prices.
A stronger euro resulted in price increases on a sparse number of bulk ferrous scrap cargoes sold out of Europe to Turkey. But several other market participants were left in the dark as finished product prices have yet to record meaningful increases, scrap flows are expected to improve with warmer weather and iron prices have lost a lot of ground.
Nevertheless, sources in Turkey said they expect U.S. export offers of $370 to $380 per tonne c.i.f. Turkey for an 80/20 mix of No. 1 and No. 2 heavy melt, which would be at least $20 higher than the last U.S. bulk cargo sale to Turkey in late February.....
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