Turkish deals buoy US ferrous scrap export prices

Turkey's recent ferrous scrap purchases from the United States' East and West Coast have bolstered deep-sea scrap export prices, and despite mills there apparently taking a temporary break from the US market more sales are expected to occur in the near term.

Turkey purchased a cargo from the US East Coast on Monday January 11, after Fastmarkets learned of four US cargoes booked to the region the prior week.
But since then Turkey has seemingly retreated from the US market, with immediate competition for scrap easing slightly in the wake of the settlement of the US domestic scrap market for January.
"It's to be expected that people will take a break [from export buying]. Next week we should see another flurry of sales after people have digested what is going on in the US market," a West Coast export source told Fastmarkets.

The sale to Turkey on Monday comprised a 90:10 mix of No1 and No2 heavy melting scrap at $485...

Bank of Japan boosts rates, continuing an unwinding carry trade

Gold stocks outperform equity market slide

Silver inventories rebound in UK, output from major producers rises

Silver's three-month outperformance continues

Silver & Copper Supply Distortions Continue