Ferrous scrap export prices rose on a fresh bulk cargo sold from the US East Coast to Turkey, steadying export yard buying prices and containerized shredded scrap prices while West Coast export prices face downward pressure from a slowdown in Asian demand.
After a three-week lull, a Turkish steelmaker booked an East Coast cargo on Tuesday October 23 at $331 per tonne cfr for 33,000 tonnes of No1 and No2 heavy melting scrap (80:20), $336 per tonne cfr for 5,000 tonnes of shredded scrap and $341 per tonne cfr for 2,000 tonnes of bonus grade scrap. Prices are up $4 per tonne from an October 2 bulk sale to Turkey at $327 per tonne cfr for HMS1&2 (80:20). However, the price increase on a loaded vessel basis is offset by a change in ocean freight rates from the East Coast to Turkey, which rose by $2 to $27 per tonne.Fastmarkets' weekly East Coast ferrous scrap export index for heavy melt fell by 1.2% to $304 per tonne fob...