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Supply tightness, Turkish demand buoying US ferrous scrap market: Schnitzer CEO

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Update time : 2023-04-06 18:55:02
Bullish sentiment within the US ferrous scrap market should persist this year, following four straight months of domestic price increases, due to tight supply conditions and strong export demand, Schnitzer Steel CEO Tamara Lundgren said April 5.
Lundgren said greater export opportunities are highlighted by scrap demand in Turkey for steel rebar production as the country looks to rebuild infrastructure following the February earthquake.

"Recently, the Turkish government announced the country's need for 5 million mt of steel to support those efforts in the Iskenderun region, which implies a need for around 6 million mt of ferrous scrap," Lundgren said during Schnitzer's earnings call with analysts for its fiscal second quarter ended Feb. 28. "We expect that, even accounting for Turkish domestic scrap generated by earthquake cleanup activities, Turkey scrap imports should rise materially to meet this need."

Domestically, scrap and rebar demand should also be supported by projects tied to the US Bipartisan Infrastructure Law, she added.

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