Ferrous scrap export prices from the United States are facing downward pressure following last week's bulk deals to Turkey, with containerized shredded scrap the first to show signs of distress.
There was little activity on the bulk export front, with no deals done from either the US East or West Coast this past week. Turkish buying has been sparse since the country returned to the market a week ago, with mills there bypassing the US market in favor of more affordable material from Europe and the Baltic Sea at $355-358 per tonne cfr.Sources believe that it is difficult for US exporters to accept deals at these price levels given what they are currently being paid at East Coast export yards, as well as an anticipated increase of $10-20 per gross ton from domestic consumers in the coastal region this month. "I think the exporters are still short on scrap and...