US ferrous scrap export prices continue to rally

US ferrous scrap export prices moved up on an unexpected rally after the American Thanksgiving holiday, thanks to strong demand from Turkish and South Korean mills fueling expectations for scrap prices to increase further in the near term.

Four cargoes – two from the East Coast and two from the West Coast – were sold from the US to Turkey and South Korea in the past seven days. One US exporter sold two cargoes to Turkey at $321 per tonne cfr for an 80:20 mix of No. 1 and No. 2 heavy melting scrap, up $7-8 per tonne from the four cargoes booked the preceding week at $313-314 per tonne cfr. On the opposite coast, sources said two cargoes of No. 1 heavy melting scrap were sold to South Korean producers this week at $350 per tonne cfr. Prices are up $25 per tonne from the last cargo sold to South Korea at $325 per tonne cfr early this month. Higher export prices to South Korea were driven by a mix of factors, including strong order books, low scrap inventory at...

Published

Mei Ling Toh

November 29, 2017

21:04 GMT