US ferrous scrap market awaits rise; deep-sea scrap tags soar

The United States was bypassed in deep-sea ferrous cargo sales to Turkey over the last week, but an increase may be imminent as the international market skyrocketed due to a European sale on Wednesday May 5.

A European-origin HMS sale to Turkey was reported at $463 per tonne cfr on Wednesday, up from a European sale on April 30. Market participants estimated the price of HMS 1&2 (80:20) at about $448 per tonne cfr on April 30. The export market is up $15 per tonne on the basis of the sale on April 30, and up $33.25 per tonne from a sale on April 29. A US sale at the level of this latest European deal would equate to $468 per tonne cfr, due to the $5-per-tonne premium US-origin ferrous scrap...

Published

Amy Hinton

May 06, 2021

21:20 GMT

London