Global Scrap Prices Rise as Turkey and US Lead Market Gains
Global scrap prices rise across key markets in mid-March 2026, driven by supply shortages and logistics costs. Turkey and the United States recorded the strongest gains during this period. Meanwhile, the European Union showed signs of stabilization, and China posted only marginal increases.
Turkey led the upward trend, with HMS 1&2 80:20 scrap reaching $388.3 per ton CFR. This level marks the highest point since July 2024. Prices increased by 3.9% month-on-month and 5.3% since early 2026. Supply shortages, rising freight rates, and geopolitical risks in the Middle East pushed prices higher. Additionally, mills increased purchases ahead of the Eid holiday, which strengthened supplier leverage.
However, weak demand for rebar limited further price growth in Turkey. Mills attempted to reduce purchases in late February, but sellers resisted due to tight supply in the EU and US. As a result, prices remained elevated despite subdued finished steel sales.
Regional Market Trends Highlight Diverging Momentum
In the European Union, the scrap market entered a stabilization phase after earlier volatility. German E3 scrap prices fell slightly to €300 per ton ex-works. Italian prices held steady at €325 per ton delivered, with brief increases in early March. Despite this pause, prices remained higher compared to the start of the year.
European market conditions improved as winter disruptions eased. However, steelmakers resisted further price hikes due to margin pressure. At the same time, energy cost uncertainty linked to geopolitical tensions added caution. As a result, the market adopted a wait-and-see approach heading into April.
In the United States, scrap prices rose by 3.6% to $347 per ton FOB on the East Coast. Winter weather disruptions supported prices in February by limiting supply. Strong domestic steel demand and elevated flat steel prices also contributed to the upward trend.
Global Scrap Prices Rise While China Market Remains Subdued
China experienced minimal movement, reinforcing the broader theme that global scrap prices rise unevenly. Domestic scrap prices increased by just 0.8%, while import prices edged up by 0.7%. The market saw limited volatility compared to other regions.
Post-holiday recovery provided temporary support, as supply lagged behind consumption. However, construction demand remained weak, which restricted further gains. Moreover, imported scrap from Japan remained uncompetitive due to higher pricing.
As a result, Chinese buyers showed limited interest in imports. The market is likely to remain stable in the near term, with only slight fluctuations expected.
SuperMetalPrice Commentary:
Global scrap prices rise due to structural supply tightness and external cost pressures. Turkey and the US continue to dictate short-term momentum, while Europe stabilizes and China lags. Looking ahead, energy prices and freight costs will remain key drivers. If geopolitical risks persist, upward pressure could return despite weak steel demand.
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