Expectations that Turkish mills would return to the US ferrous scrap export market as soon as the Eid al-Adha religious holiday ended have not panned out, leaving sellers facing low bids for unsold material that has been piling up at the docks.
Sluggish demand and weak orders for rebar have both worked to keep Turkey from resuming purchases.Mills in Turkey have offered to pay $270-275 per tonne for an 80:20 mix of No1 and No2 heavy melting scrap, but no deals have been reported this week. The last US sale achieved $294 per tonne for HMS 1&2 (80:20).The sale that was reported on August 19 turned out to be a 10-day-old deal from the United Kingdom...