Downward pricing concerns among the US ferrous scrap dealer base eased on Wednesday, just a few days before the March buy week, expected to begin Monday.
Tight scrap flows, steady demand from East Coast exporters and early mill indications for their March scrap programs have cooled most threats of a possible fall in March scrap prices.
"Flows are so bad I think if mills try and push the market down, they will not be able to," one dealer said. "Domestic mills that need material have no shot at lowering prices in the Northeast area."
Some dealers reported East Coast exporters as aggressively seeking domestic scrap. "Exporters are looking for sideways tons already," one dealer said.
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