Deep-sea ferrous scrap cargoes were sold off both US coasts at significantly higher prices over the past week, and global competition for raw materials shows no sign of cooling.
Turkey is officially back in the US market, with one sale reported, but some participants have attributed the unusually quiet mood in recent weeks to clandestine deals being conducted quietly in an attempt to keep a lid on historic price rises. Secret East Coast sales to Turkey at $425 per tonne basis cfr were said to have been made two weeks ago, and international sales to Turkey hit $435 per tonne last week. "Exporters have probably been making some quiet deals. When the scrap market increases by $70-80 per tonne, this might compensate for the market going up in December," an East Coast source said....