US ferrous scrap export prices to Turkey bounced off of the bottom with a fresh sale from the East Coast on Tuesday May 8, but the turnaround in the bulk market was eclipsed by a large reduction in shredder feed prices at export yards.
Two cargoes were sold off the East Coast to Turkey over the past seven days. The first bulk sale, which transacted on May 4 at $359 per tonne cfr for shredded scrap, was done at the same price as an East Coast cargo that traded to Turkey on April 27.Prices pushed $3-per-tonne higher in the second East Coast cargo booking by a Turkish mill on May 8. This sale concluded at $357 per tonne cfr for 14,000 tonnes of an 80:20 mix of No. 1 and No. 2 heavy melting scrap, $362 per tonne cfr for 14,000 tonnes of shredded scrap and $367 per tonne cfr for 2,000 tonnes of plate and structural scrap.Even though export prices to Turkey have bounced...