US ferrous scrap export prices stable; Turkey extends East Coast cargo purchases
Published by: Geoff Mattson<>
25 Jun 2025 @ 20:25 UTC

A fresh deep-sea cargo purchase by Turkey — the fourth confirmed this month — was reported on Wednesday, June 25, at prices in line with earlier deals, but higher freight rates weighed on FOB prices and led to a weekly decline in US East Coast export indices.
The latest confirmed cargo, purchased from a US East Coast exporter by a steelmaker in Turkey’s Iskenderun region, comprised heavy melting scrap No1 and No2 (80:20) priced at $345 per tonne CFR, with shredded and bonus-grade scrap priced at $365 per tonne CFR, Fastmarkets learned on June 25.
This sale matched the previous two confirmed deals for HMS 1&2 (80:20) at $345 per tonne CFR which were booked on June 20 and June 24; and was higher by $3 per tonne compared with another cargo purchased on June 20 comprising HMS 1&2 (90:10) at $345 per tonne CFR, which equates to $342 per tonne CFR on an 80:20 basis.
East Coast export indices declined on June 25 due to increased freight rates, which stood around $34 per tonne compared with $29 per tonne at the end of May, when cargoes containing HMS 1&2 (80:20) were booked at $347 per tonne CFR.
Consequently, Fastmarkets’ steel scrap HMS 1&2 (80:20), export index, fob New York declined to $310.25 per tonne on June 25 from $318 per tonne a week earlier.
Similarly, Fastmarkets’ steel scrap shredded scrap, export index, fob New York fell to $330.25 per tonne from $338 per tonne previously.
Freight rates have increased due to geopolitical tensions involving Iran and Israel, sources told Fastmarkets this week.
An additional factor driving the freight rate increase has been heightened shipping activity ahead of a July 1 regulatory deadline associated with US emergency tariff measures. The tariffs, enacted on April 2, 2025, included a 90-day grace period prior to full enforcement, prompting exporters to accelerate cargo shipments into the US to avoid potential impacts.
Freight rates increased from two weeks ago because of geopolitical uncertainty around Iran and Israel. There’s also a rush to get cargoes into America ahead of the US emergency tariff measures, causing additional upward pressure, a market participant said.
Rebar export prices from Turkey continued their downward trajectory. Fastmarkets assessed steel reinforcing bar (rebar), export, fob main port Turkey at $540-545 per tonne on June 19, down from $545-555 per tonne a week earlier.
Turkish steel billet import prices also weakened. Fastmarkets’ latest assessment for steel billet import, cfr main port Turkey was $445-455 per tonne on June 19, down from $450-460 per tonne the previous week.
Chinese domestic steel billet prices were slightly down. Fastmarkets’ assessment for steel billet domestic, exw Tangshan, Northern China was 2,910 yuan ($405.53) per tonne on June 25, falling by 0.34% from June 20.
The Turkish lira depreciated further against the US dollar, weakening to 39.7456 lira per $1 on June 25, a 0.36% day-on-day decline and down by 2.01% month on month.
The US Dollar Index fell to 97.87 at the time of publication on June 25, a decrease of 1.10% week on week.
The dollar weakened amid easing geopolitical tensions following a tentative ceasefire between Israel and Iran, as well as softer US economic indicators, including weaker ISM services and labor market data. These factors contributed to market expectations of a dovish Federal Reserve stance, further pressuring the currency.
Turkish mills purchase imported raw materials such as ferrous scrap in US dollars and sell finished products domestically in lira. A weaker lira increases local currency input costs, while a declining US dollar can enhance price competitiveness of US-origin scrap in global markets, market sources indicated.
The West Coast market remains quiet, sources told Fastmarkets on June 25, with no confirmed bulk cargoes sold since May 20.
This left Fastmarkets’ steel scrap HMS 1&2 (80:20), export index, fob Los Angeles unchanged at $288 per tonne, and the steel scrap shredded scrap, export index, fob Los Angeles was also flat at $293 per tonne.
West Coast market participants highlighted stagnant demand and ongoing caution amid uncertainty.
Ferrous markets look stagnant right now. [West Coast] freight rates haven’t increased significantly, and sales volumes haven’t dropped much; there’s just limited demand overall, a West Coast ferrous source told Fastmarkets.
The same source added that, despite some exporters attempting to push purchase prices down, the justification remains weak given the lack of export activity and continued stability in the domestic ferrous scrap markets.