Ferrous scrap export prices for bulk shipments have gained
almost $10 per tonne after four sales to Turkey capped another
positive week for exporters.
After gaining about $3
per tonne a week ago, four bulk sales by two exporters between
July 3 and 5 indicate pre-freight prices increased about $10
said July 1 that U.S. exporters raised offer prices to Turkish
mills to around $365 per tonne c.i.f. Turkey for an 80/20 mix
of No. 1 and No. 2 heavy melt, after being forced to lift
buying prices at their docks due to a strengthening domestic
Although several mills
in Turkey opted to book seven European cargoes this past week,
three different mills reportedly fixed cargoes from a single
U.S. exporter before July 5.
All three cargoes were
reportedly sold off the East Coast, with two cargoes trading
July 3 at $363 per tonne c.i.f. Turkey for HMS 1&2 (80:20),
$368 per tonne for shred and $373 for plate and structural
scrap. The two cargoes were booked by mills in southeastern
Turkey, sources said, with the transaction indicating a $4 per
tonne increase from the last East Coast sale.
A third cargo was
booked by a mill in western Turkey July 4 at $364.50 per tonne
c.i.f. Turkey for HMS 1&2 (80:20) and will attract lower
freight indicating an almost $3 per tonne increase in prices in
a single days trading, one source said.
Late July 4 or early
July 5, a second exporter reportedly sold a cargo comprising
about 22,000 HMS 1&2 (90:10) and 18,000 plate and
structural scrap at a composite price of $375 per tonne. The
sale price suggests a delivered HMS 1&2 (80:20) value of
between $368 and $369 per tonne, marking a $3 per tonne
increase from the prior sale to West Turkey and a $10 to $11
increase from prior-week price levels.
participants suggested prices are at or near their short-term
high as deliveries for cargoes booked by Turkey over the past
10 days have already entered into early September.
"I do think we are
close to the top. I expect the market to go quiet shortly,"
said one European exporter, while a U.S. trader said he expects
prices to "be range bound for a bit."