Ferrous Scrap
Ferrous export market seeks direction
Written by Stephen Miller
September 2, 2025
The export market is looking for direction based upon the latest scrap purchases from Northern Europe by Turkish steelmakers. The sentiment was looking bearish, but sellers may see it differently.
Last week, a Benelux cargo of HMS 80/20 was concluded at $337.50 per metric ton (mt) CFR. This price was down from a previous cargo bought at $340. Turkish buyers then floated $335/mt CFR for new material, but they met resistance and left the market last week.
This week another HMS cargo from Northern Europe changed hands at $337/mt CFR Turkey and was followed by a cargo from the Baltic $342. It’s hard to say if this increase will become a trend.
Looking across the Atlantic to the US, sellers were certainly not interested in prices in the $330s. Even with potential weakness for the upcoming September, US domestic prices will be far more interesting.
If Turkey wanted to buy from the US, they would have to keep prices sideways in the mid-$340s. This is what happened yesterday when a Turkish steelmaker bought two cargoes in this price range. They bought an HMS 80/20 cargo at $345.50/mt CFR and an HMS 95/5 at $355. It is unclear if other steelmakers in Turkey or Europe will also enter the market at these levels.
The reduced volumes of exports from the US East Coast just add to the apparent supply of scrap for domestic consumption.
Several mill sources with which SMU has spoken characterize the US scrap market as supply-driven. Demand is holding steady thus far. But the overall scrap market looks a bit sloppy and this additional supply could contribute to this over the next two months, unless the outlook changes.
At SMU Steel Summit’s Scrap Chat last week, Frank Goulding, ferrous marketing manager SE region of SA Recycling, said he thought the domestic market prices tend to suffer when export volumes are down.
Stephen Miller
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