Lackluster finished steel demand has reportedly put a halt to Turkish deep-sea ferrous scrap purchases, with no deals heard from the United States East Coast to the region since August 20.
But the recent emergence of a lower-priced Baltic Sea cargo sale to a mill in the Iskenderun region suggests that there is further downside due for US ferrous scrap export prices if they follow the ongoing global downtrend.A Baltic Sea exporter sold a cargo of unspecified tonnage comprising an 80:20 mix of No1 and No2 heavy melting scrap priced at $442 per tonne cfr and bonus-grade material priced at $457 per tonne cfr, Fastmarkets learned on Tuesday August 31. No further breakout of the cargo, thought to have been sold on Friday August 27, was available at the time of writing.This latest HMS 1&2 (80:20) sale would be equivalent to $447 per tonne...