Return of Turkish mills means high US ferrous scrap export prices

Whether a truly stronger market or just a temporary spike, increased U.S. exports to Turkey this week are driving scrap export prices down – three bulk cargoes have traded in just two days. As reported by the American Metals Market, two exporters have booked sales to three different Turkish mills, and the prices agreed upon were more than $20 tonnes above the last reported bulk sale. Over the past week, Turkish buyers were choosing to get cheaper tons from Europe, which caused a dry spell in U.S. exports, even though their quality of scrap was better. One source told AMM that U.S. prices are already ‘cooler’ as demand for finished steel products remains ‘challenging’ here. It remains to be seen if a dip in export prices is still to come.

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