Ferrous export market seeks direction

The export market is looking for direction based upon the latest scrap purchases from Northern Europe by Turkish steelmakers. The sentiment was looking bearish, but sellers may see it differently.

Last week, a Benelux cargo of HMS 80/20 was concluded at $337.50 per metric ton (mt) CFR. This price was down from a previous cargo bought at $340. Turkish buyers then floated $335/mt CFR for new material, but they met resistance and left the market last week.

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.

Stephen Miller

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