A Turkish mill has secured ferrous scrap from the United States for $2 per tonne more than the last-reported US sale, but falling dock prices and a lack of significant upward momentum in US export prices has led some to question what direction domestic prices will take in July's ferrous scrap trade.
"It is an interesting turn of events. Somehow mills are getting comfortable. My agent told me export is weakening, and it looks like a strong sideways except maybe primes up a little bit," a seller into the Pittsburgh market said. At the same time, others claimed the market chatter about mills saying there is no room for a price rise in July was mere posturing by those mills to try and scare suppliers.An East Coast exporter sold a cargo of unspecified tonnage comprising an 80:20 mix of No1 and No2 heavy melting scrap priced at $501 per tonne cfr and shredded scrap and bonus-grade material both priced at $521 per tonne cfr, Fastmarkets learned on Wednesday June 30.This compares with a sale reported on June 24 in which HMS 1&2 80:20 and shredded scrap went for $499 per tonne and $519 per tonne cfr respectively. Sources were divided on whether...