Analysis
December 4, 2025
US scrap export market gains steam
Written by Stephen Miller
Major activity in the US scrap export market has occurred, mainly driven by Turkey.
This has caused a surge in prices at a time when scrap flows are seasonally declining due to the onset of winter weather in the Northern latitudes. Turkey has consistently been buying scrap over the last two months, which has pushed prices upward.
At the start of Q4, export prices for HMS 80/20 were rangebound in the vicinity of $337-341 per metric ton (mt) CFR.
As the scrap markets in Europe and the US bottomed during October, export activity increased the average price to ~$350/mt, depending on the origin.
Prices gradually increased during November and are picking up steam going into year-end. The latest booking from North America transacted at $368/mt for HMS 80/20 and $388/mt for shredded and bonus. The market is not showing any signs of easing.
Turkey has renewed its interest in billets from the Far East and Southeast Asia since scrap prices are on the upswing. The most recent cost estimate for imported billets is $470/mt CFR Turkey. It is unclear whether this can have any serious effect on scrap imports.
Mills in the Far East have been trying to raise billet prices lately, according to a trading source in that region.
The scrap terminals on the US East Coast are seeing export prices start to catch up with the domestic market.
The US scrap market for December has not completely settled yet. But it’s conceded that HMS and shredded scrap will jump by at least $20 per gross ton. This should keep some shredded in the domestic market. However, the gap has narrowed to make shredded exports more attractive and logistically easier.
At delivered prices in the high $360s for HMS 80/20 to Turkey, US exporters are far better off than shipping those tons domestically.
SMU spoke to a North American scrap export manager about how he views the export market. He said besides Turkey, there has been scant interest from other countries for bulk cargoes. And he noted Egypt is in the market once per month.
There has been very little interest from Mexico or other Latin American buyers. However, demand from Turkey and to a lesser extent from Italy is enough to keep prices firm with the supply available.
On the West Coast, prices for containerized HMS have not significantly improved.
A source told SMU the bulk markets in South America and Asia are still suffering from imports of Chinese new and semi-finished steel. Consequently, there has been at least one more bulk cargo booked from the US West Coast into Turkey.
