Strength within US export scrap market helps steady domestic prices

Monday, 09 November 2015 12:15:30 (GMT+3)   |   San Diego
       

Following the ex-US deal for HMS I/II 80:20 scrap concluded to a Turkish steel producer concluded at $174/mt CFR around three weeks ago, ex-US scrap prices for Turkey switched to an uptrend and the latest ex-US booking of HMS I/II 80:20 scrap by a Turkish steel producer was concluded at $195/mt CFR last week. This upward trend seems to have boosted stability within the US domestic scrap market, which had previously expected to see a $10-$15/mt decrease from where prices had settled in October.  US domestic scrap prices on the East Coast are currently transacting on a sideways trend, according to SteelOrbis sources, as sellers are unwilling to sell scrap to US mills at lower prices due to recent upticks in export pricing.



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