Deep-sea ferrous scrap export market driving US upside

Soaring global deep-sea ferrous scrap export prices are stoking increasingly bullish sentiment for the United States' upcoming domestic June trade despite a recent lack of US export sales.

Higher offers for heavy melting scrap from the US East and West Coasts, which have now hit $510 and $540-550 per tonne respectively, failed to tempt US exporters into the market this week.
But significantly higher global deep-sea scrap cargo sales continue to accumulate in the face of rampant steel demand, giving rise to the expectation that the domestic US market will jump in June with fierce competition for scrap accelerating.
The higher international prices mean busy US mills will be forced to pay handsome increases or forfeit the tons to an eager and generous international market.

European HMS sales to Turkey hit $507 per tonne cfr on Tuesday May 18, while a recent deep-sea ferrous scrap cargo sale to Vietnam...

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