Published by:Geoff Mattson<>
11 Jun 2025 @ 20:11 UTC

Trading in the US ferrous scrap sector remained quiet over the week to Wednesday June 11, with no new deep-sea cargo sales reported from either coast. Market participants cited constrained scrap flows, weak finished steel demand in import markets, and limited procurement due to the Eid al-Adha religious holiday in Turkey as the primary factors behind the export lull.
The latest confirmed deep-sea cargo sale from the US East Coast was booked on May 23, comprising steel scrap HMS 1&2 (80:20) at $347 per tonne CFR delivered to Turkey’s Iskenderun region, a price unchanged from an earlier May 15 cargo.
The absence of fresh transactions kept Fastmarkets’ weekly steel scrap, HMS 1&2 (80:20), export index, fob New York, unchanged on June 11 at $318 per tonne, while the steel scrap shredded scrap, export index, fob New York, remained at $338 per tonne on the same day.
The US West Coast market was similarly quiet, with no further deals reported since a cargo of HMS 1&2 (80:20) was booked at $350 per tonne CFR India in late May.
Consequently, Fastmarkets’ assessment of the steel scrap, HMS 1&2 (80:20), export index, fob Los Angeles, was unchanged at $288 per tonne on June 11, while the assessment of the steel scrap shredded scrap, export index, fob Los Angeles, was steady at $293 per tonne on the same day.
A West Coast export source confirmed that the market was static. It’s very quiet here, he said. Supplies are down so much I don’t think anyone’s looking to take orders. Everyone’s so short on their orders that no one’s looking to make deals.
The source added that West Coast export sentiment quickly shifted to sideways after an earlier uptick in optimism faded. Freight [costs] have come down roughly in line with prices, just a couple of dollars [per tonne]. Sideways is now the overwhelming majority opinion, the source said.
Domestic West Coast mills closely track export pricing and were paying only modest premiums over dockside export buying prices, limiting any upward momentum for exports.
Domestic scrap prices on the West Coast closely track bulk export markets, the source said. The mills know they’re essentially a captive audience, meaning they don’t have many alternative supply options, so they monitor dock prices closely and might pay a slight premium to secure material. But they’re not going to pay significantly over the bulk market [price] – there’s no reason to do so.
Nucor Seattle and Cascade Steel in McMinnville, Oregon, were the two mills actively trading along the US West Coast.
Fastmarkets’ latest assessment of the steel scrap No1 heavy melt, consumer buying price trend, delivered mill Seattle/Portland, was $0 per gross ton on June 5.
The corresponding weekly assessment of the steel scrap No1 heavy melt, export yard buying price, delivered to yard Los Angeles, was unchanged at $135 per gross ton on June 9.
Similarly, Fastmarkets’ assessments of export yard buying prices on the US East Coast were unchanged on June 9.
The steel scrap No1 heavy melt, export yard buying price, delivered to yard Philadelphia, was steady at $255 per gross ton. Steel scrap No1 heavy melt, export yard buying price, delivered to yard New York, was similarly flat at $250 per gross ton, and steel scrap No1 heavy melt, export yard buying price, delivered to yard Boston, was stable at $215 per gross ton.
In the deep-sea market, Turkish steelmakers held back from trading, keeping to cautious buying amid slow finished steel sales and persistent internal financial pressures, including high inflation and interest rates. Prices in Turkey’s latest scrap cargo deals were unchanged from June 2, with no additional bookings reported since then.
Asian ferrous scrap markets showed continued weakness. Taiwanese mills reduced their scrap purchasing due to lower-priced Chinese billet, weaker domestic rebar sales, and seasonal slowdowns.
In India, imported ferrous scrap demand was limited by persistently weak finished steel consumption and mills’ preference for cheaper direct-reduced iron (DRI). Market activity in Pakistan and Bangladesh was also subdued, driven by holiday-related slowdowns and reduced appetite after recent heavy booking activity.
The US Dollar Index declined to 98.58 on June 11, falling by 0.53% from the previous close of 99.10. This followed softer-than-expected US economic indicators including May’s ADP employment data and a weaker ISM Services PMI, which increased speculation on a potential pause or rate cut by the US Federal Reserve bank.
The softer dollar generally improves competitiveness for US exports, although subdued global scrap demand has overshadowed potential benefits.