Turkish factories have reduced prices for shipments of scrap metal from the United States

Turkish factories have finally broken the resistance of US scrap metal traders to lower rates after another flood of orders this week.

This week there were seven reported for scrap, three from Europe, two from the Baltic and two from the United States. The most significant of these is the latest US deal for 30,000 tonnes of HMS 1 & 2 80:20 at US $ 320 /t compared to US $ 330 /t for late March shipment.

This means that major US suppliers have come up with earlier bids from Turkish factories at $ 320 per tonne.

Another European scrap metal dealer questions the validity of the latest scrap deal in the United States, citing another shipment simultaneously shipped from Germany that had HMS 80:20 at $ 318 /t. “It's rather strange that the difference between the US /Baltic and Holland /Germany is so narrow, isn't it? " he asks.

A Turkish steel trader notes that this is the first time ever fully shredded scrap comes from the United States. “It makes sense because shredded ones tend to be very valuable in the US market, which means they have the ability to sell,” he notes.

Meanwhile, rebar export prices in Turkey fell at the top of the range to $ 490-495 per tonne for Turkey. However, sales remain stuck. However, reports emerged that a Turkish firm sold another 50,000 tonnes of steel billets to Saudi Arabia at $ 458 /tonne after selling the billets to the same destination earlier this month.