U.S. ferrous scrap export prices have
dropped by at least $10-15/MT CFR this week on East & West coasts due to
weak imports globally. Chinese buyers will remain absent due to Lunar Year and
Turks have stopped buying in anticipation of correction in offers. Mills
remained out of the market as yet.
Ferrous scrap exporters based in East Coast are hoping for a
revival in Turkish buying interest later this week, in line with the country's
largest offshore consumer expected to end its two-week absence after correction
in offer prices.
According to a market source, U.S. offers have fallen by at
least $10-15/MT CFR and reached about $450-455/MT CFR for HMS 1&2 (80:20),
although no deals have yet been transacted at that level.
Offers to India also went down by US$ 10-15/MT this week. Suppliers have eased their prices for Indian importers to attract them into the market.
“No East Coast business has been transacted in the past two
weeks, but the market expects Turkey to buy scrap very soon”, an exporter based
in US stated.
“The market is very quiet. There were no bulk cargo
sales last week. Turks are waiting for lower prices and are expected to resume
buying by the end of the week”, he added.
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