US ferrous scrap export prices continue to
shed this week as well. Prices have shown a sharp correction of $20/MT from the
last traded price. Falling Re bar demand in the domestic market has also impacted
the US ferrous scrap market (both domestic & export).
Offers
to Turkey also fall by $13-15/MT CFR: Turkish mills have stayed out
of the market recently, attempting to exert downward pressure on scrap prices.
US suppliers are offering scrap at $385/MT CFR for HMS 1&2 (80:20) however
Turkish mills are only willing to pay $370/MT CFR.
Turkish mills prefer
European scrap material on strengthening Euro against Dollar. Market sources
expect that it won’t be long until the mills start booking deep-sea scarp
cargoes and stimulate the market.
Reportedly, a US exporter sold two mix
cargoes of HMS 1&2 (80:20), Shredded scrap and Plate & Structure scrap
with total amount of 85,000 MT. HMS 1&2 (80:20) sold at $375/MT CFR,
Shredded scrap was sold at $380/MT CFR and P7S scrap was sold at $385/MT CFR.
Weak demand for Rebar in Turkey and US local
market has forced exporters to reduce the offer prices.
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