As the SteelOrbis Fall 2025 Conference & 93rd IREPAS Meeting draws to a close, Turkish mills have managed to curb the uptrend of deep sea scrap prices somewhat by accepting just a slight price increase. Turkey’s import scrap prices are still firm, but for now they have not reached the previously anticipated levels in the latest ex-Baltic and ex-US bookings.
SteelOrbis has learned that an ex-Baltic booking was done during the conference by a Marmara-based Turkish steel producer for an HMS I/II 80:20 scrap cargo at $342/mt CFR, with a price increase of $2/mt for this grade. With this sale, ex-Baltic prices have reached ex-US levels, disrupting the traditional price correlation between the two.
Meanwhile, an ex-US scrap deal has also been done by an Izmir-based producer for HMS I/II 80:20 scrap at $342/mt CFR, down $2/mt from SteelOrbis’ reference price fixed after last week’s ex-UK/EU bookings. Meanwhile, the $342/mt CFR price is in line with the sales price for an ex-Canada cargo sold late last week consisting of HMS I/II 80:20 scrap.
Most market sources think that deep sea scrap prices have more room to increase and that the current price levels will not be seen in the coming round of bookings. “I believe the next deals will be done with a $1-2/mt rise, though we also see that there is no room for a sharp increase. Turkish mills’ sales and sales prices are not improving,” a European scrap seller commented. Another European supplier said this year will end as it currently stands, adding, “We feel more pressure on the Italian side. There is the possibility of a price drop late this year due to high inventories.” One source from a Turkish mill mentioned that only a few offers have been shared during the IREPAS event. The upward price expectations, despite the limited room for upward movement, seem to be causing sellers to take a cautious stance. SteelOrbis expects deep sea scrap prices to indicate a slight upward movement in the coming days.
