Ferrous scrap export offers to seen some corrections in the
coming weeks as Turkish importers remained calm after restocking of scrap in
their mills. Chinese importers will also hold their bookings ahead of Lunar
Year.
One East Coast bulk cargo of HMS 1, shredded steel scrap, and
plate and structural scrap sold to Turkey at US$ 468/MT CFR Turkey earlier this
week, with shredded dominating the shipment. North American and Turkish sources
confirmed the deal. These prices were down by US$ 5/MT from first week of this
month.
Another cargo from East Coast was sold to Turkey comprised
24,000 MT of HMS 1&2 (90:10) at US$ 470/MT CFR Turkey and 16,000 MT of
bonus-grade Scrap at US$ 490/MT CFR Turkey.
Exporters are not confident these price levels would hold in
the coming weeks as Chinese market will remain closed due to Lunar Year and Turks
will remain calm with sufficient stock with them.
Further, in Japan, the quotes of the US HMS 1&2 (80:20) and
shredded scrap to Taiwan have remained stable at US$453-458/MT and US$458-463/MT
CFR respectively.
Traders said that the Taiwanese steel mills have continued to
purchase the scrap recently in order to stockpile before the Chinese New Year
vacation.
Besides,
it's said that the transaction prices of container HMS 80:20 (1&2) offered
by some small medium-sized scrap suppliers in the US are at US$450/ton C&F.
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