Ex-US scrap bookings to Turkey begin to firm

Monday, 24 March 2014 20:31:16 (GMT+3)   |   San Diego
       

Although scrap prices on the US East Coast ticked downward in the first part of the month, prices for the most recent ex-US scrap bookings are beginning to show strength.  As of mid-last week, transaction ranges for cargos of heavy melting scrap I/II (80:20 blend) and shredded scrap were transacted at approximately $370/mt CFR for HMS I/II and $375/mt CFR for shredded scrap.  SteelOrbis sources say this is largely tied to the rebalancing of supply and demand--East Coast export yards who had previously been turning shipments inland have thinned their inventories.  Current prices have ticked up by approximately $19/mt CFR from levels seen toward the end of last month, and industry insiders believe prices could firm by an additional $5/mt CFR for April buys.

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