Scrap export activity on the US East Coast has been muted, with exporters there roundly rejecting Turkish mills' lower offers for ferrous scrap given exceptionally tight supply in the wake of November's frenetic domestic trade.
One East Coast exporter dismissed a bid of $498 per tonne cfr for an 80:20 mix of No1 and No2 heavy melting scrap out of hand at the start of the week, a Turkish trader told Fastmarkets, before stating that $500 per tonne cfr seems to be US suppliers' absolute bottom line. Offers for US-origin HMS 1&2 (80:20) have been heard as high as $510 per tonne cfr this week.The tone for December is resolutely bullish, prompting exporters to hold out for better prices. "It feels like consensus is for there to be a shortage," a trading source said."They are competitive here," an East Coast recycler agreed. "It's a good sign. Hopefully other mills here will keep the market above $500 per tonne cfr. Nobody better blink!"Baltic sales to Turkey were concluded at $497-500 per tonne cfr for HMS 1&2 (80:20) and $517-520 per tonne cfr for shred this week....