US ferrous scrap market shows signs of stress

The US ferrous scrap market has been dealt a double blow, with one exporter agreeing to sell a cargo at lower prices and a domestic mill purchasing shredded scrap for February shipment at January levels.

A US exporter sold a cargo with a flexible composition to Turkey at $363 per tonne cfr for 17,000-20,000 tonnes of an 80:20 mix of No. 1 and No. 2 heavy melting scrap; $368 per tonne cfr for 6,000 tonnes of shredded scrap; and $373 per tonne cfr for 12,000-15,000 tonnes of plate and structural scrap on Friday January 19. Those prices are down $7 per tonne from the preceding East Coast cargo, which traded to Turkey at $370 per tonne cfr on December 22, and off $12 per tonne from a European cargo sold on Thursday January 11 at $375 per tonne cfr. The Friday deal came on heels of at least four other short-sea sales made to Turkey out of Europe and the Baltics. Three Belgian cargoes containing a 75:25 mix of No. 1 and No. 2 heavy melting scrap were sold to Turkey. Two of those transacted at average...

Published

Mei Ling Toh

January 19, 2018

22:38 GMT