Published by:Geoff Mattson<>
5 Jun 2025 @ 21:33 UTC
US ferrous scrap export markets were subdued during the week to Wednesday June 4, with no new deep-sea cargoes reported from either coast amid limited overseas demand and cautious sentiment ahead of Turkey’s Eid al-Adha holiday beginning on Friday June 6.Themost recent confirmed deep-sea cargo from the US East Coast was booked on May 23, involving heavy melting scrap No1 and No2 (80:20) priced at $347 per tonne CFR by a steelmaker in Turkey’s Iskenderun region. This price matched an earlier booking on May 15, a reflection of the stability in the East Coast export market through late May.
No additional East Coast cargoes emerged during the past seven days, leaving Fastmarkets’steel scrap HMS 1&2 (80:20), export index, fob New Yorkunchanged week on week at $318 per tonne on June 4. Similarly, Fastmarkets’steel scrap shredded scrap, export index, fob New Yorkremained steady at $338 per tonne in the same comparison.
The US West Coast export market was similarly quiet, with the last confirmed transaction reported in late May at $350 per tonne CFR India for HMS 1&2 (80:20). No fresh cargo sales surfaced during the week, holding Fastmarkets’ weekly calculation of the steel scrap HMS 1&2 (80:20), export index, fob Los Angelesat $288 per tonne, and thesteel scrap shredded scrap, export index, fob Los Angeles was also steady week on week at $293 per tonne as of June 4.
East Coast export yard buying prices were mostly steady after recent increases. Fastmarkets’ weekly assessment ofsteel scrap No1 heavy melt, export yard buying price, delivered to yard Philadelphiaremained at $255 per gross ton as of Monday June 2. Additionally, the assessment ofsteel scrap No1 heavy melt, export yard buying price, delivered to yard New Yorkwas also unchanged week on week at $250 per ton, while Fastmarkets’ weekly steel scrap No1 heavy melt, export yard buying price, delivered to yard Bostonstayed at $215 per ton as of June 2.
Muted Turkish demand ahead of the Eid al-Adha holiday slowed overall buying. Turkish mills recently booked competitively priced Chinese billet at $450-452 per tonne CFR, dampening their appetite for ferrous scrap imports. Fastmarkets’ weekly price assessment forsteel billet import, cfr main port Turkeynarrowed to $450-470 per tonne on Thursday May 29, from $450-475 per tonne the prior week.
The Turkish lira weakened further against the US dollar, quoted at 39.1917 liras per $1 at the time of publication on June 4, reflecting ongoing economic pressures stemming from a combination of weakening domestic demand indicators, persistent inflationary concerns, reduced business activity in the services sector and labor market softening. Turkish mills typically purchase scrap in dollars and sell finished products in liras domestically, leading domestic finished-steel prices to rise to offset currency depreciation, sources indicated to Fastmarkets.
The US Dollar Index fell to 98.70 on Wednesday after a series of weaker-than-expected US economic data releases, including an ADP national employment report showing just 37,000 jobs added in May versus forecasts for 110,000 and an ISM Services purchasing managers’ index (PMI) reading of 49.9, below the 50-point threshold that indicates expansion. The decline in the dollar index and lower US Treasury yields have added to market caution ahead of the US Labor Department’s key employment report due on Friday. A weaker dollar may improve the competitiveness of US-origin ferrous scrap by lowering prices in local currency terms for overseas buyers, which can support near-term export demand, export sources told Fastmarkets.
Meanwhile, the bellwetherTaiwanese scrap import prices softened slightly this week, influenced by declining Turkish benchmark prices and weak domestic rebar demand tied to seasonal monsoon conditions.