Analysis
April 14, 2026
Transatlantic ferrous scrap export market cools down
Written by Stephen Miller
After an active end to March in the transatlantic export trade, things have calmed down thus far in April.
In late March, the export prices for HMS 80/20 to Turkey peaked with prices reaching $395 per metric ton (mt) for EU origin and $403/mt from US sources. Going into April, Turkish buyers paused to see if the predicted drop in the US domestic market indeed occurred.
The US domestic market did drop modestly on obsolescent grades, but it did not translate into reduced offers to Turkey from the US, or for that matter, the EU.
Buyers talk
SMU spoke with a scrap buyer for the export grades in the Northeast. He said prices being paid for HMS delivered to export terminals have not dropped despite reduced prices at US steelmakers.
He added at least one major buyer would consider increasing prices to maintain flows, if necessary.
“This means the exporters are not worried about weakening export prices,” the buyer said.
So far this month, Turkish buying has been limited, However, prices have inched up.
There was an EU cargo of HMS sold at $395.50/mt CFR last week and one this week at $397.50/mt.
Still, there have been no confirmed cargoes from the US over the last week. A sale was rumored at $403/mt, but it has not been confirmed amid denials by both seller and buyer.
Elevated freight levels
Most players believe US offers today are in the area of $410/mt CFR for HMS and $430/mt for shredded. According to an executive in the export trade, he said, “The freights are very high so they will have to pay up.”
Another export source confirmed the freights to Turkish and other Mediterranean ports have maintained their increased levels. He added that several brokers have attempted to hedge freight rates to bring protect their rate quotes, but the time span is “only a day or two.”
He said freights are in the low $40s unless a hedged rate is found, which could yield high $30s.
On the US West Coast, prices have continued to rise. The traditional markets for West Coast scrap have begun to return to the export market after being inundated by semi-finished and new steel from the Chinese oversupply. During this time, US West Coast scrap became unworkable and any scrap needs in Southeast Asia, India, and Bangladesh were supplied from other sources.
The containerized HMS price in Taiwan has risen to about $360/mt CFR CY, while Vietnam is at $365/mt.
These prices are able to draw material from the US West Coast.
One exporter SMU spoke with said this trend should continue into the summer months.
On the bulk side, prices in Bangladesh have crossed to $400/mt CFR level to about $415. This price was in the $340s earlier this year. Indian pricing is still lagging. It is unclear now whether the Turkish buyers will attempt to source bulk cargoes from the US West Coast or what the price it will take.
