US ferrous scrap export prices leaped overnight on a sale off the East Coast to Turkey, but it remains to be seen whether the market has entered a recovery - or whether the buying mill hoped to use the higher scrap price as leverage to raise rebar prices.
An East Coast exporter sold a 40,000-tonne cargo that included 23,000 tonnes of an 80:20 mix of No1 and No2 heavy melting scrap at $233 per tonne and 17,000 tonnes of shredded scrap at $238 per tonne. That sale represents a $7-per-tonne increase from a previous sale concluded at $226 per tonne for HMS 1&2 (80:20).One source questioned whether that deal represents a rebound in export pricing, or...