US dealers unfazed by bulk scrap export price dip

News of two lower-priced ferrous scrap cargoes to Turkey from the US East Coast and Gulf Coast did not shake the bullish sentiment of coastal market participants still positive about the domestic market.

Trading activity to Turkey resumed with two bulk deals reported on April 27 and May 2. The first US East Coast sale closed at $269 per tonne cfr for an 80/20 mix of No. 1 and No. 2 heavy melting scrap, while the second originating from the Gulf Coast was done at $267 per tonne c.f.r. for the same grade. Trader sources speculated that these two cargoes might have been booked around the same time last week, with details of the Gulf Coast bulk sale released to the community later. Comparing prices for these sales with another Baltic deal revealed on May 2 at $272 per tonne c.f.r. for 80/20 heavy melt, sources believe that these cargoes were sold below market value. “There are offers at...

Published

Mei Ling Toh

May 03, 2017

20:59 GMT