Demand and pricing for ferrous scrap exported to Turkey is heading down in September, according to tracking performed by Metal Bulletin.
In late September, the United Kingdom-based publication reported that its daily index for exported European scrap had fallen by more than $10 per metric ton during the final week of the month.
The publication says prices dropped because steel mills in Turkey were attempting to “protect their profit margins from any threat of lower finished steel prices.”
The trigger for the $10 price drop, added the publication, was the lower bid accepted for a mixed cargo from North America to Turkey. Metal Bulletin says its sources are indicating, however, that the price drop could be short-lived because of underlying fundamental demand for Turkish steel and the scrap used to make it.