The ferrous scrap export market in the United States is facing more downside with East Coast docks continuing to adjust their buying prices downward in anticipation that the next sale will be lower.
Late last month, an East Coast exporter sold 15,000 tonnes of an 80:20 mix of No1 and No2 heavy melting scrap at $267.50 per tonne and 15,000 tonnes of shredded scrap at $272.50 to Turkey - and the next sale is expected to be lower.The sale was $4.50 per tonne lower than the previous US deal to Turkey. Fastmarkets' steel scrap HMS 1&2 (80:20), export index, fob New York fell by $4.50 per tonne - or 1.8% - to $243.50 per tonne on Wednesday February 5, down...