Deep-sea ferrous scrap prices spike; US activity muted

For the second week in a row, ferrous scrap exporters on the United States’ East Coast have declined to book cargo sales to Turkey, despite Turkish mills offering $500 per tonne for US-origin material.

Soaring Turkish reinforcing bar prices, which hit $750 per tonne fob this week, have forced regional mills’ offers higher.
The latest European sale of heavy melting scrap to Turkey was concluded on Wednesday May 12 at $499 per tonne cfr; that equates to $504 per tonne cfr for US-origin material, owing to the $5-per-tonne premium US material commands.
But while sales at this level would constitute a $72-per-tonne increase compared with the last-reported US cargo sold to the region - booked at $432 per tonne cfr for HMS 1&2 (80:20) on April 28 - this has not tempted US sellers.

Some quarters of the market said that the US domestic market remains a...

Published

May 12, 2021

21:48 GMT

London