The recent decline in prices of deep-sea ferrous scrap exports from North America to Turkey is expected to continue - and to extend throughout the global scrap markets with the onset of the traditional summer shutdown period, sources told Fastmarkets.
"The downturn we are seeing in current prices is typical of a seasonal market. We see Turkey sales down more; Asian sales [will likely be] down a little bit more in coming weeks. Demand is weak in summer, but l don't see anything out of the norm," a US export source said of the current market. Thus far this week, prices for heavy melting scrap - calculated on an HMS 1&2 (80:20) basis - have already declined by $11 per tonne, a shift that market participants had anticipated, sources said.The last-reported sale from Canada to Turkey was priced equivalent to $482 per tonne cfr for HMS 1&2 (80:20),...