It’s been a relatively quiet week for US East Coast scrap exporters, as Turkish producers have backed away from the market due to high inventory levels. At this point, mill buyers seem to be taking their time and are only looking to work with scrap dealers who are willing to offer the most attractive prices. Although current US export scrap prices to Turkey have not wavered since our last report two weeks ago, it’s still too soon to tell when and if exporters will start to show flexibility with their offers.
Sources close to SteelOrbis say that in recent weeks, scrap inventories in dealer yards had started to thin out, and it's suspected buyers needed to pay more to collectors in order to maintain incoming flow; all things considered, exporters may try to hold their line in the sand. For now, current US export scrap prices have also remained lateral since our last report two weeks ago, at $385/mt CFR for HSM I/II (80:20) scrap; $390-$392/mt CFR for shredded scrap and $397/mt CFR for P&S scrap.