U.S. ferrous scrap export prices fell
by US$ 15/MT due to lower freight rates and weak buying interests from Turkish
mills. And some expect prices to correct further.
Recent deals were heard being sold of 4 cargoes to Turkey this
week at an average of US$ 440/MT CFR Turkey for HMS 1&2 (80:20) i.e. down
by US$ 15 from previous trade price.
Exporters based in US (especially East Coast suppliers), at the
start of last week, dropped offer prices by US$ 10/MT, offering HMS 1&2 (80:20)
at US$ 455/MT CFR.
According to a market source, “The corrections in scrap
prices were supported by falling freight rates to Turkey, which was down as
much as US$ 10/MT to between US$ 20-25/MT last week against previous freight
price levels.
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