The United States deep-sea ferrous scrap export market may have further to fall in the wake of lower global cargo sales concluded in recent days.
"It seems the US market to Turkey is near the bottom but has little more room to go down and Asia likewise," a buyer source in Asia said about the expected trajectory for upcoming deals.A lack of available scrap cargoes on the US East Coast has hampered deep-sea sales from the region to Turkey over the course of the week, with recyclers in the country estimating that inbound flows to yards were down by 10-20%.A Baltic cargo sale to Turkey was reported on Tuesday August 17 for an 80:20 mix of No1 and No2 heavy melting scrap priced at $457 per tonne cfr, equivalent to $462 per tonne cfr for US-origin material given the $5-per-tonne premium...