STEEL SCRAP WRAP: Buyers back away amid global price collapse

Buyers of steel scrap in global markets were holding back from purchasing new cargoes in the week to Friday January 22, amid a sharp decline in prices and with more material being offered, and were hoping to re-enter the markets only after they have hit a bottom.

  • Turkish import prices slump following fresh deals
  • US sales to Turkey, Bangladesh show weaker prices
  • Lower offers from Japan keep Vietnam buyers out of market
  • Taiwan mills drop bid prices throughout the week amid weaker sentiment
  • Indian prices slump by $50 per tonne.

Turkey
Bookings for bulk scrap imports into Turkey continued at lower prices this week, with market participants expecting further decreases in the week ahead.

The most recent deal heard by sources – for a Baltic Sea cargo on January 20 – put the HMS 1&2 (80:20) price at $440 per tonne cfr Turkey.

But the number of offers in the market has increased since that deal was done, and prices have gone down accordingly, with suppliers in the Baltic Sea region offering HMS 1&2 (80:20) at $430-435 per tonne cfr by Thursday, a trading source said.

Pricing history
steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey.
steel scrap HMS 1&2 (80:20), US origin, cfr Turkey.

United States
US export scrap prices have moved down amid fresh sales to both Turkey and Bangladesh, with sources in the country expecting further decreases in the next deals.

Pricing history
steel scrap HMS 1&2 (80:20), export index, fob New York.
steel scrap shredded scrap, export index, fob New York.
steel scrap, HMS 1&2 (80:20), export index, fob Los Angeles.

Vietnam
Interest for imported ferrous scrap in the key Vietnam market went down over the week due to a sharp price downtrend from exporters in both Japan and the US.

Pricing history
steel scrap, HMS 1&2 (80:20), cfr Vietnam.

Taiwan
Taiwanese scrap buyers dropped their bid prices dramatically amid lower offer prices. Offer prices on containers of HMS 1&2 (80:20) fell from $425-430 per tonne cfr Taiwan at the end of last week to just $405 per tonne cfr on Friday.

Pricing history
steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan.

India
On the Indian market, shredded prices plunged by $50 per tonne following a sharp correction in the international scrap market.

Pricing history
steel scrap, shredded, index, import, cfr Nhava Sheva, India.

What to read next
No feedback was received during the consultation period and therefore no changes will be made to the methodologies at this stage. This consultation sought to ensure that our methodologies continue to reflect the physical market under indexation, in compliance with the International Organization of Securities Commissions (IOSCO) principles for Price Reporting Agencies (PRAs). This includes […]
Find out how the Sweden strike is affecting port operations and how pulp and paper companies are preparing for its impact.
Explore the recent EUDR country classifications and discover which nations are labeled low, standard, or high risk.
The publication of Fastmarkets’ molybdenum drummed molybdic oxide – in-whs Busan, MB-FEO-0004, and in-whs Rotterdam, MB-FEO-0003 – and ferro-molybdenum 65% Mo min, in-whs Rotterdam, MB-FEO-0001, price assessments were delayed because of slow data processing on Friday May 23. Fastmarkets’ pricing database has been updated. The publication of these prices was delayed for 12 minutes. The […]
Fastmarkets invited feedback from the industry on the pricing methodology for PIX Packaging Europe price indices via an open consultation process between April 24 and May 22, 2025. This consultation was done as part of our published annual methodology review process.
Investors in the US corn and wheat markets amassed shorts in the week to Tuesday May 13, moving corn from a net long to a net short for the first time since October, data from the Commodity Futures Trading Commission (CFTC) showed late on Friday May 16.