European merchants enter market as Turkish buyers exit

摘要

TheTurkish ferrous scrap market was quiet last week, with only a few European merchants willingto test the waters, making offers and meeting mixed success. But most mills were content to remain on the sidelines, waiting on scrap cargoes booked overthe pastsixweeks, the majority comingfrom US recyclers. Prices have fallen in line with this. Addingtothe silence was a national holiday in Turkey on May 19 and market participants takingtime out to arrange meetings at the BIR conference in Singapore that starts on May 23. Two European recyclers tabled offers early last week. One offered two cargoes: a 32,000-tonne cargo of HMS1&2 (70:30) at$444 pertonne cfr, and a second carrying a mix of HMS1&2 (80:20) and shredded at an average price of $460 pertonne cfr.