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(AMM) Turks diving back into US ferrous scrap mart

March 10, 2010 - 21:43 GMT Location: PHILADELPHIA

KEYWORDS: ferrous scrap , Turkey , shredded scrap

After an order drought that has lasted for much of the past month, U.S. ferrous scrap exporters are again getting a portion of Turkey's business.

Industry sources said Turkish mills have bought three cargoes of shredded scrap from U.S. East Coast export yards in the past week?part of a Turkish buying flurry that also saw six cargoes purchased from scrap suppliers in Britain and northern Europe.

Prices paid for the U.S. shredded scrap are said to be about $395 per tonne delivered, while prices for a 70-30 mix of No. 1 and No. 2 heavy melting steel scrap from European suppliers range from $380 to as much as $388 per tonne delivered.

Some of the Turkish mills had to buy, one U.S. trader said. Some of the mills there reportedly had let their raw material inventories run so low they would have had nothing to...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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