Analysis
August 11, 2026
Ferrous scrap export market picks up
Written by Stephen Miller
There has been renewed activity in the Turkish deep-sea export arena as buyers continue to fill in their September needs.
Buying had been limited over the last week as the August scrap settlements in the US concluded. Despite some weakness in US domestic prices for both shredded and HMS, export prices remained at their former levels.
There were four cargoes booked from the Northern European/Baltic regions at $371 per metric ton (mt) CFR for HMS 80/20. This compares with the last cargo from this area on July 31 at $368/mt. There was an additional cargo purchased from the UK at a surprisingly elevated price of $375/mt.
Turkish steelmakers eye US
Steelmakers in Turkey then turned to the US, where three cargoes were booked, all off the US East Coast. There were two mixed cargoes transacted at approximate prices of $375/mt CFR for HMS 80/20 with a $20/mt premium for shredded scrap.
Another US East Coast cargo of HMS 95/5 commanded a price of $390/mt and shredded at $395/mt.
These prices are not really higher than previous sales concluded in July. So even though domestic tags on HMS and shredded fell around $10-20 per gross ton (gt) for August shipment, it did not move the needle on prices for Turkey. It merely swung export prices to a more favorable level and allowed some material to move to offshore. US exporters had already rejected cheaper offers.
According to sources in the logistics sector, freight rates to Turkey have ranged from $40-$44/mt depending upon the stowage factor of the cargoes.
This is somewhat less than what we saw earlier in June/July, but should not be relied upon with the ongoing situation in the Persian Gulf and Red Sea.
European vantage point
SMU contacted a European trader who said he was surprised prices from the US and Europe did not increase significantly.
He noted, “The market should naturally go up. There is not enough material in the market.”
When asked if demand in the Mediterranean Basin would improve soon, he was uncertain. He believes things are all supply driven at this point.
US East Coast
SMU also heard from a scrap supplier to the East Coast export terminals who said the price for HMS 80/20 delivered to the docks was down only marginally so far and not the reduction of $20/gt by domestic mills. He indicated this shows price firmness in the US scrap market.
West Coast
On the West Coast, prices remain subdued as Asian demand is under pressure from weakening steel export prices from China. According to sources in the trade, the container price into Taiwan for HMS 80/20 is roughly $325 MT CFR CY. The recent strengthening of the Japanese yen may have some influence in lifting prices but with weakening steel export tags from China it has not happened yet. The market has slowed during these late summer months.
