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    December 12, 2024

    Stirrings of life in scrap export market?

    Written by Stephen Miller

    Last week, the export community in the Atlantic Basin was licking its wounds over a Northern European sale at a two-year low of $325 per gross ton (gt) for HMS 80/20 to Turkey. Export terminals along the US East Coast had dropped prices on remote HMS from low  $300s/gt in October/November to $270/gt in December. The outlook appeared to be relatively grim for a near-term recovery. That has changed in dramatic fashion.

    There has been a surge in orders and price for Turkish-produced rebar. This has increased demand for scrap imports and has brought in the need for scrap from North America. In a surprise purchase this week, a US-based exporter concluded a mixed cargo at an equivalent HMS 80/20 price of $345 per metric ton (mt) CFR, which was a $20/mt jump. Since then, two European cargoes changed hands at $341 and $344 per mt, respectively. Offers from the US are reportedly at $355/mt and are destined to rise as Turkish buyers continue to fill in their January needs. 

    Stephen Miller

    Stephen Miller started his career in the scrap metal industry in 1978 at Luria Brothers in Cleveland. Over the last 40-plus years, he has worked in all capacities in the trading business. He has had positions in both domestic and international scrap trading. In addition to scrap, Miller was at the forefront of the pig iron trade and established a pig iron distribution company under the name of Ferrosource, Inc. Most recently, Miller has concentrated on the scrap export market and regularly does consulting for several companies in the industry.

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