US books ferrous scrap sale to Turkey

Jun 26, 2014 | 04:07 PM | Sean Davidson

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

NEW YORK — An East Coast bulk cargo sale of ferrous scrap to Turkey ended a two-week impasse between U.S. exporters and Turkish mills, with prices trending marginally higher.

A cargo was booked this week at $1 per tonne higher than the last bulk sale two weeks ago, market participants said, although many expect prices to come under pressure.

Shortly after reports broke of this week’s U.S. sale at $371 per tonne c.i.f. Turkey for an 80/20 mix of No. 1 and No. 2 heavy melt, Turkish and European traders reported another cargo booked from the Baltic region at $367.50 per tonne for HMS 1&2 (80:20), indicating that buyers are looking to send prices lower.....

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