ISTANBUL Ferrous scrap
export prices rebounded Feb. 7 after two exporters were able to
stop a recent decline and set a new level for prices to
Market participants said U.S.
exporters sold three bulk cargoes to Turkey Feb. 6, with two
cargoes exceeding 40,000 tonnes and one reportedly just shy of
30,000 tonnes. All three cargoes traded at close to $390 per
tonne c.i.f. Turkey for an 80/20 mix of No. 1 and No. 2 heavy
melt, sources said.
A single exporter sold the
larger cargoes to different consumers. One booking for about
44,000 tonnes was at $389.50 per tonne for 24,000 tonnes of HMS
1&2 (80:20), $394.50 for shred and $399.50 for plate and
structural scrap. The exporter sold a second cargo of a similar
mix at $1.50 above those prices, sources said.
A third cargo of about 28,000
tonnes split evenly between HMS 1&2 (80:20) and shred was
sold by a second exporter at a composite price of $391 per
The three sales put East Coast
HMS 1&2 (80:20) export prices at between $388.50 and $391
per tonne, which appeared to be a few dollars above two sales
recorded the previous dayone cargo from Puerto Rico,
which sold at a composite price of $387 per tonne for heavy
melt and shred, and an East Coast cargo that sold at a
composite price of $391 per tonne for HMS 1&2 (90:10),
shred and bonus scrap (
amm.com, Feb. 6).
It appears the United States is
trying to make $390 per tonne the base price for HMS 1&2
(80:20), some sources said.
"My personal feeling is it will
stabilize around $390," said one source. "Now, if the euro
weakens, with domestic Europe starting to show some
stabilization, the E.U. might start looking at Turkey. With
additional volumes ex-E.U./Baltic coming in, Turkey will
probably carry on putting pressure on U.S. exports, which are
not getting support from the domestic market."
Rebar sales are getting stronger
in Turkey, he said. "If the trend carries on, they might become
scrap-hungry to produce more, which will balance the previous
A source in Turkey said buyers
would not allow prices to increase any further. "People need to
buy but will not allow increases. They will buy one series of
cargoes and wait for a while," he said.