As market sources return to the market after Turkey’s Democracy Day holiday on July 15, new rumors of deep sea scrap deals are heard in the market. While negative sentiment persists in Turkey’s import scrap market continues, collection prices in the supplier regions have also maintained their downtrend.
An ex-Poland deal signed by an Izmir-based steel producer indicates that HMS I/II 80:20 scrap has settled at $363/mt CFR, following the earlier ex-Baltic deal closed at the same price. While higher grades from Scandinavian countries may achieve higher prices, SteelOrbis’ ex-Baltic scrap prices have been revised to $363-365/mt CFR, moving down by $3/mt on the upper end. Furthermore, the lack of scrap demand in Turkey causes some ex-Baltic suppliers to expect even lower price levels in the next deals.
There is a rumor of an ex-US scrap deal done by Turkey for HMS I/II 90:10 scrap at $373/mt CFR. While this information was not confirmed at the time of publication, the price in the deal indicates that ex-US scrap has declined to $368-370/mt CFR, moving down by $2-3/mt from the levels recorded earlier this week. As SteelOrbis reported earlier, bulk scrap prices to the US East Coast docks fell across the board this week, marking the fourth straight week of declines for the New York and Philadelphia docks. In Boston, cut grades to the docks remained unchanged this week as shredder feed prices softened as the last few sellers of the grade that were resisting lower prices finally accepting lower bids, according to contacts in the region.
European sub-collectors report that the collection prices in the EU are now at €260-270/mt DAP, though they also report that this level is not acceptable to them. Especially, the lower water levels in European rivers are increasing the costs of transportation throughout the region. “Some exporters’ inventory levels right now are very high. EU-based buyers are planning to cut their procurement prices by approximately €20/mt. Under the current conditions, it is impossible for us to earn money,” a Germany-based sub-collector told SteelOrbis today, July 16. Meanwhile, a source at a Turkish mill stated that their aim for ex-UK/EU scrap is now below $360/mt CFR. Some EU scrap suppliers agree that below $360/mt CFR is very possible, while others are not so sure and still think the $360/mt CFR line can be held with the help of the holidays. Under the current conditions, SteelOrbis has revised its ex-UK/EU scrap prices to $359-362/mt CFR, down by $4/mt.
As the main problem of sluggish steel sales persists, Turkish mills are continuing their cautious stance towards scrap purchases as they try to maintain their margins. “It is not even the tonnages, the problem is the profits we earned since the beginning of 2026,” a source at a producer said. With the steel export markets shrinking due to protectionist measures, local demand is also failing to provide support for Turkish mills. SteelOrbis expects deep sea scrap prices to move down slightly before finding a bottom.
