The scrap export market, once seen as a possible antidote to America's perennial February scrap price weakness, has now come under pressure, casting doubt on anticipated February domestic scrap price strength. A near month-long stalemate between US bulk exporters and Turkish mills resulted in export pricing moving down. A pre-Christmas $370/mt CFR Turkey HMS 80:20 basis sale gave way to export offers of $380/mt or more, but sales never materialized at those levels as Turkish mills resisted for four weeks. Last week they were able to buy their latest US cargo at $363/mt.
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