Turkey re-enters US ferrous scrap market at higher prices after brief hiatus

In a fresh cargo sale to Turkey, US deep-sea ferrous scrap export prices ticked up by $2-11 per tonne compared with the last such US deals

An East Coast exporter sold a cargo containing 19,000 tonnes of an 80:20 mix of No1 and No2 heavy melting scrap priced at $402 per tonne cfr and 21,000 tonnes of shredded scrap and 5,000 tonnes of bonus-grade material priced at $422 per tonne cfr for September shipment to a Turkish mill on Monday August 22.

Prior to this, a separate US shipper on the East Coast sold an unspecified tonnage of HMS 1&2 (90:10) for $405 per tonne cfr — equivalent to $400 per tonne cfr for an 80:20 mix of the grade — it was reported on Wednesday August 17.

The last reported shred and bonus prices from the US East Coast to the region were $411 per tonne cfr for both grades in a previous deal reported on August 11; HMS 1&2 (80:20) went for $396 per tonne cfr in the same sale.

Turkish importers have paid a series of incremental increases for US ferrous scrap in recent transactions, but the market upside remains limited, sources said.

Mills there continue to target HMS 1&2 (80:20) at $390-400 per tonne cfr for imports of the grade, but have been unsuccessful in the US market of late.

Expectations in the US domestic scrap market that September prices will be sideways in a best-case scenario continue to cast a long shadow over export prospects.

Nonetheless, Turkish importers are expected to increase their export presence soon while regional mills work to secure scrap tonnages for September’s steel production schedule, despite reports that many are running at a reduced capacity amid hefty production costs.

What to read next
The purpose of this review is to ensure that the index continues to accurately reflect prevailing market conditions. We welcome feedback from industry participants on potential amendments to the base specification. This consultation, which is open until August 9, 2025 seeks to ensure that our methodologies continue to reflect the physical market under indexation, in […]
Information came to light that mill buying offers had been adjusted for July following Fastmarkets’ settlement of these prices on that date, leading to an incorrect published assessment for the following grades: MB-STE-0789 Steel scrap No1 heavy melting, consumer buying price, fob Montreal, Canadian $/net ton was previously published at C$245 ($179.41) per net ton, a C$10 […]
This price is a part of the Fastmarkets scrap package. For more information on our North America Ferrous Scrap methodology and specifications please click here. To get in touch about access to this price assessment, please contact customer.success@fastmarkets.com.
Here are the key takeaways from market participants on US ferrous scrap metal prices, market confidence, inventory and more from our July survey.
The prices are: The changes were made in order to ensure that the liquidity and price volatility in these markets is adequately captured. The changes were welcomed by market participants seeking more granular coverage and increased transparency. In the UK, the decline of domestic steelmaking means the scrap market is dominated by exports. Exporters told Fastmarkets that […]
Following a month-long consultation period which took place between May 26-June 23, Fastmarkets will launch the weekly price assessment to better reflect the Indonesian coke market, given that the country has been a key exporter of coke worldwide since 2023. The price specifications are as follows: MB-COA-0009 Coke 65/63% CSR, fob IndonesiaQuality: 65/63% CSR, 12.5% max Ash, 0.65% max […]