NEW YORK Three
U.S. bulk ferrous scrap cargoes sold to Turkey and a few more
out of Europe kept export prices elevated and continued the
flood of material into Turkey.
Turkish mills have
booked nearly 70 bulk cargoes, or 3 million tonnes, since the
beginning of July, all slated to arrive between August and
mid-September. Ten of those cargoes were booked this past
reported three sales out of the U.S. East Coasttwo booked
on Aug. 15 and one on Aug. 13.
One mixed cargo
reportedly was sold at $380 per tonne c.f.r. Turkey for 18,000
tonnes of an 80/20 mix of No. 1 and No. 2 heavy melt, $385 per
tonne for 14,000 tonnes of shred and $390 per tonne for 8,000
tonnes of plate and structural scrap.
A second mixed cargo
of similar volumes reportedly was sold at similar price levels,
while the third cargo sold at similar prices but only for about
20,000 tonnes, attracting higher freight costs.
Sources said they
expect prices to hover around current levels for at least the
next two weeks as the market wades through industry data to
determine the next direction.
A buyer for one
producer in Turkey told AMM it is unlikely mills will
support any price increases on raw materials, as sales of some
finished products have hit a rough patch due to the
socioeconomic environment in key consumer markets such as
"Export sales are bad
now for long products. I am not expecting any more increases on
scrap," he said.
A second source said
that this past weeks sales from the United States were
pretty close to achievable peaks. "Turkey wants to get over
$600 per tonne (on long product sales) but they cant get
it yet. I dont expect much to change in the next two
weeks. They have bought around 3 million tonnes since July.
Thats a lot of tonnes, even for them," he said.
exporters enjoyed a good week, with at least three bulk cargoes
reportedly sold to different Turkish mills.
One cargo reportedly
was sold at $375 per tonne for 18,000 tonnes of HMS 1&2
(80:20) and $392 per tonne for 18,000 tonnes of plate and
structural scrap, while two other cargoes were sold at around
$371 per tonne for HMS 1&2 (80:20).
Sources also reported
a bulk cargo sale out of Belgium Aug. 15 of 10,000 tonnes of
No. 1 HMS, 5,000 tonnes of shred and 25,000 tonnes of HMS
1&2 (75:25) at an average price of $373 per tonne.
A second cargo from
the same region also was booked Aug. 15 at $385 per tonne for
30,000 tonnes of shred.