US scrap export price rise lifts dealer sentiment

US ferrous scrap exporters delivered a welcome surprise, with two higher-priced sales to Turkey boosting sentiment in in the market.

It also overturned any downward price expectations in the pending settlements among US coastal market participants. Four sales took place from the US East Coast to Turkey over the past week, with the last two cargoes at higher prices. An East Coast exporter struck a deal with a Turkish mill for 20,000 tonnes of HMS 1&2 (80:20) at $298 per tonne cfr, 10,000 tonnes of shredded scrap at $304 per tonne cfr and 10,000 tonnes of bonus-grade scrap at $310 per tonne cfr. At the same time, a second Turkish steelmaker also booked a cargo containing 20,000 tonnes of HMS 1&2 (80:20) at $296 per tonne cfr and 20,000 tonnes of shredded scrap...

Published

Mei Ling Toh

July 05, 2017

19:39 GMT