Ferrous scrap prices have softened to $380-400/mt Turkish CFR as of late June 2026, a $5-10/mt decline from the prior week's $400-410 range. Turkish buyers have successfully pressured prices lower: only one US East Coast cargo sold at $388/mt CFR and a Netherlands-to-Turkey cargo dropped to $380/mt (down ~$6/mt from prior transactions). Tomorrow — July 1 — the EU steel safeguard overhaul takes effect, halving tariff-free imports to 18 Mt with a 50% out-of-quota tariff. This is the single most important catalyst for scrap markets since Section 232. Simultaneously, US domestic scrap is firming with IndexBox reporting weekly gains of +1.75% to +9.76% across shredded and busheling grades, supported by HRC at $1,145/st (39-week rally). The divergence between softening export prices and strengthening US domestic demand creates an asymmetric opportunity: lock near-term purchases at the Turkish-induced dip before EU safeguard effects lift the floor. Buyers should shift to OPPORTUNISTIC posture — secure Q3 volumes at current $380-400 CFR while the Turkish buying slowdown provides a temporary pricing window.
Loading report content...