Offers for Ferrous
Scrap to Turkey from US exporters declined sharply about US$ 20/MT from the previous
transaction last week on Thursday. A bulk cargo was sold from a North American
supplier with higher prices.
Shredded Scrap was being heard sold at around
US$ 435/MT CFR. This trade price is less by US$ 20/MT from the prior East Coast
sale to Turkey a week earlier, when shredded Scrap was sold at around US$ 455/MT
CFR
It is reported that recent deal was concluded
at an average price of US$ 442/MT for a bulk cargo of 20,000 MT of HMS 1,
25,000 MT of shredded and 5,000 MT of P&S Scrap. A buyer in the south of
Turkey purchased the material.
US steel makers and
traders are anticipating a weak domestic scrap market in June, with price
correction between US$ 5-20/MT for all grades. This has also made exporters to ease their
offers to offset the demand gap and compete with European suppliers in the global market.
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