Export scrap activity in the US has been stable the last couple of weeks amid consistent demand from Turkey, allowing for prices to firm up. Ex-US scrap prices off the US East Coast to Turkey have risen an average of about $15/mt in the last couple weeks after prices fell in late January and then again earlier this month. In the past week, HMS I/II 80:20 scrap was sold to Turkey for as much as $405/mt CFR, but then came back down to $400/mt CFR. The most recent scrap deals to Turkey on shredded scrap (at least four on just Thursday and Friday, according to sources) went for about $405/mt CFR and $5/mt higher on P&S scrap.
On the West Coast, due to the Spring Festival/Chinese New Year holiday, cargos sold to Taiwan, China and even Korea have been extremely minimal in the past couple weeks, but activity is likely to be back to business-as-usual by next week. In the US domestic market, industry insiders are already predicting a minor price recovery in March. Scrap demand from US mills is still below normal levels, but with major winter storms pummeling the Midwest and scrap flow down as much as 30 percent in Eastern regions, even unspectacular demand could be enough to bring prices back up to January levels in March.