January 2012 | Steel Raw Materials
Turkish offers remain too low to draw interest from US East Coast sellers: Scrap Highlights
In the past, moderate correlation can be drawn between the volume of scrap exported to Turkey and the US East Coast export prices for HMS No.1 $/tonne FOB.
Turkish mills remained firm with low price offers for US East Coast scrap, putting downward pressure on prices going into the first week of February. Over the last month, Turkish merchants have been able to shift purchases to less expensive CIS scrap material; however, as the weather worsens in the CIS region this option becomes more volatile and vulnerable to large price fluctuations.
Increases in market volatility may lead to large price fluctuations for Turkish mills, indicating that if prices slide lower in the USA, Turkish mills and merchants may shift their focus back toward the East Coast export market. This week, the average price for US East Coast export was $415/tonne FOB, a 3.45%...
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