Turkey’s ex-UK scrap prices have risen sharply in a new deal today, Tuesday, December 2, widening the general range of Turkey’s import scrap prices, following the slight drop in price recorded on Monday in this segment.
A Turkish steel producer in Marmara region has concluded the ex-UK booking in question for HMS I/II 80:20 scrap at $358/mt CFR, with shredded and bonus grade scrap at $378/mt CFR and new cuttings at $388/mt CFR. This deal indicates a $6/mt increase for ex-UK scrap, causing SteelOrbis to revise its ex-UK/EU scrap prices to $358-360/mt CFR. Meanwhile, ex-US scrap prices have been revised to $365/mt CFR, with ex-Baltic scrap prices moving up to $363-365/mt CFR. The current average deep sea scrap price at $362/mt CFR was last seen on April 10, 2025.
The increase in the ex-UK segment is viewed as a continuation of the uptrend in the overall deep sea scrap segment. Market sources report that collection prices at EU-based export yards are currently at €265-268/mt DAP, indicating a €5-10/mt increase week on week. A German sub-collector mentioned that, even at these levels, their margins are not great. “Not only are the margins problematic, but also the quality of the scrap collected in Germany is questionable. Since industrial scrap generation is on the low side, the impurity of scrap is increasing. This may mean that, when December purchases start in the EU, EU-based steel producers will be forced to pay higher levels to find the scrap qualities they need.” Another sub-collector in the region reported that they are expecting December and January prices to be firm, and so they are in no rush to sell to any party, to local producers or exporters. The supply volume in the US is also declining, according to market sources, amid winter weather conditions. However, the general expectation for the local US scrap market trend during the December buy-cycle is sideways to upwards.
Scrap market players are wondering how long the uptrend in the deep sea scrap segment can be sustained. Some market sources are surprised by the recently recorded prices, while others think there is still room for a further increase. “When Turkish mills buy deep sea scrap at $365/mt CFR for January shipment, it also means this scrap price is considered workable for late January-early February rebar production. Domestic rebar prices are firm. The only concern is regarding flats. When flats are priced below longs in Turkey, it usually means a correction in prices is on the horizon. It has not happened this time though,” a source commented to SteelOrbis. Despite the concerns about the flat steel market, Turkey’s HRC market has started the new week in a relatively positive mood with local mills maintaining the same increased price levels as targeted from the end of last week. Some import offers have also been raised due to higher prices in Turkey, and also since some foreign suppliers are starting to offer for the new round of sales. Meanwhile, offer prices for Asian billet have continued to increase this week amid rather stable conditions in China, small gains in futures prices and sizable sales seen from Indonesia last week. The ex-China billet reference price has increased by $5/mt since late last week to $430-440/mt FOB, with most offers seen at $435-440/mt FOB on December 1.
