Analysis
March 24, 2026
Turkish scrap export market begins to take shape
Written by Stephen Miller
The bulk scrap export market into Turkey is starting to form after several weeks of inactivity.
Ramadan ended yesterday and announcements of purchases are just starting to roll in. For the most part, buying prices are up approximately $20 per metric ton (mt) from the low of $363.50/mt CFR at the start of the month. The low price from the US was $374/mt CFR and future US-origin cargoes are expected to price above $390/mt CFR.
As previously reported in SMU, the Turkish scrap procurement, in addition to the holiday, has been hampered by rising freight and insurance costs and poor supply issues in Northern Europe and North America. Also, billet prices have increased or orders have been canceled due to the war in Iran. In addition, the market prices for rebar were lagging but have increased marginally lately.
Confirmed cargoes
To date, there has only been confirmed a handful of cargoes for April shipment to Turkey. There were two cargoes of Netherlands-origin sold at $382/mt and $385/mt for HMS 80/20 done last week. This week, a Baltic sale was concluded at $388/mt. Today, there were two more transactions. A Scandinavian cargo was sold at $392/mt for HMS 80/20, followed by another Netherlands cargo $385/mt.
North America
On this side of the Atlantic, US and Canadian-based export terminals are waiting to see where Turkish buyers can settle on prices. Many are predicting prices need to be in the mid-$390s to draw material from the US East Coast, but as of press time, nothing yet.
The US market for April does not seem as weak as was forecasted earlier in March. Prime grades are predicted to be sideways while shredded and HMS/P&S are seen dropping by $10-20 per gross ton (gt).
Export yards in the Northeastern United States have already dropped by this amount. This was largely related to the “spring thaw,” but the increase in freights also may have been an influence.
With Turkish steelmakers reaching into Northern Europe with prices in the $390s, it seems US and Canadian cargoes will trade even higher. However, those prices level are just speculative at this point.
The freight rate increases have seriously impacted the prices for containerized scrap off the US West Coast. Prices to Vietnam for HMS 80/20 have ballooned from $320/mt to $355-360/mt CFR CY. The Taiwan price has also been affected.
SMU spoke to a trader in this arena who said Taiwanese offers at $343/mt CFR did not gain traction from the US. He believes the market there is $350-355/mt. He also mentioned he estimates 70% of these price increases are due to freight hikes.
