US scrap indices rise on reports of new trades to Turkey

Turkish steelmakers have resumed their September buys, picking up several cargoes at higher prices after mills took a short breather following the purchase of a premium-priced US East Coast ferrous scrap cargo on July 20.

That was the only cargo sold from the USA to Turkey in the past seven days. It contained 10,000 tonnes of HMS 1&2 (90:10) at $311 per tonne cfr and 30,000 tonnes of shredded scrap at $314 per tonne cfr. On the US West Coast, sources said a full cargo of shredded scrap was sold at $332 per tonne cfr to a Bangladeshi mill, although the transaction was not reflected in Metal Bulletin sister publicaiton AMM's US West Coast index this week, because news of the deal was received after the assessment period closed. Turkish mills broke their market silence on July 26, releasing news of four cargoes, all included HMS 1&2 (75:25) scrap: one...

Published

Mei Ling Toh

July 26, 2017

21:54 GMT