US Shredded Scrap prices shoot up $29 a long ton to $312 a long ton in January

NEW YORK (Scrap Register): January buy-week saw the continuation of the recent upwards price trend in the United States, with the US Shredded Scrap index moving up $29 a long ton to $312 a long ton.
Demand in the Midwest market seemed healthy, which in part supported the large price leg up in January. Continued strong pricing in the Turkish market provided a further fillip. This resulted in US material pricing at a discount of $10.75/ton to the Turkish number (accounting for unit conversion).
While Turkish prices rapidly fell towards the end of the month, US prices remained unchanged due to the ‘buy week’ structure of the market. This meant US prices stood at a premium of $75.75/t to the Turkish market at the end of the month.
Significant trading activity occurred between the US and Turkey towards the end of the month as US exporters looked to clear their yards of material. The high prices, driven in part by the US domestic market, effectively closed the US— Turkey arbitrage. 
The US exporters eventually slashed offers to the Turkish market in order to get the market moving again.