NEW YORK North American ferrous scrap prices to Turkey strengthened in the past week as exporters booked more sales to their largest offshore customer.
Two bulk cargo sales from the United States and one from Canada in a span of two days lifted delivered prices to Turkey by at least $5 per tonne from the previous week, according to market participants.
A cargo was booked from the Gulf Coast July 25 at an average price of $379.50 per tonne c.i.f. Turkey for 40,000 tonnes of an 80/20 mix of No. 1 and No. 2 heavy melt and 5,000 tonnes of plate and structural scrap, according to sources.
And a cargo of 32,000 tonnes of mixed scrap reportedly was sold off the East Coast July 24 at $372 per tonne for 18,000 tonnes of HMS 1&2 (80:20), $377 per tonne for 11,000 tonnes of shred and $382 per tonne for 3,000 tonnes of plate and structural scrap.
On the same day, a Canadian exporter reportedly sold its first bulk cargo in several months to Turkey at an average price of $380 per tonne for about 30,000 tonnes of shred, 10,000 tonnes of No. 1 heavy melt and 10,000 tonnes of plate and structural scrap.
All three sales indicate a $5- to $7-per-tonne increase from two previously unreported East Coast bulk sales booked around July 17 at a price basis of $369 per tonne for HMS 1&2 (80:20), according to market participants.
Sources said most of the cargoes are scheduled for September deliveries, although at least one cargo likely has been fixed for a late-August delivery, according to one source.