US East Coast export scrap prices Turkey have held mostly stable since our last two weeks ago, when a cargo of HMS I/II 80:20 scrap was transacted at approximately $285/mt CFR. Sales from US exporters have trended quiet in the past week, according to sources, who say this is quite common in the days before general elections in that country.
Turkish mills seem to be well supplied at this point, according to one US East Coast-based exporter, and mills in that region are taking a wait-and-see approach with regard to what finished steel demand will look like after the elections.
In terms of the US domestic market, scrap prices throughout the nation have firmed between $10/mt-$30/mt, depending on the region. US sources say that some mills had taken their inventory levels a bit too low and thus needed to offer higher prices to scrap dealers. It is also believed that US finished steel prices will experience a firming trend in the next few months, which may lead to an attempt by US export scrap yards to try to hold a firm line on export offer prices.