US ferrous scrap export outlook clouded

Mixed signals have emerged in the ferrous scrap export market in the United States, with containerized scrap prices showing early signs of distress while export yard buying prices rise further due to the absence of bulk sales to Turkey.

No US cargo sales from the East or West Coast have been confirmed this year, with the last East Coast cargo sale to Turkey concluded at $370 per tonne cfr for an 80:20 mix of No. 1 and No. 2 heavy melting scrap on Friday December 22. Turkish steelmakers appear to be temporarily maintaining their distance from the deep-sea market due to their reluctance to accept scrap prices is excess of $380 per tonne cfr. Some sources believe that there is no further upside for bulk prices at the moment. “My opinion is that the [export] market has leveled. I don’t see [domestic US] prices going up in February right now unless Turkey comes back and the market pops again,” an East Coast dealer said. “Turkey has bought a lot...

Published

Mei Ling Toh

January 17, 2018

20:24 GMT