Imported Scrap Price Movement (Jan’20-Mar’23)

It seems Turkiye, the largest ferrous scrap importer in the world, and Japan, the second largest exporter of the same, are continuing to walk in opposing directions as far as prices are concerned. Turkiye buys its bulk H2 mainly from the US and the UK whereas Japan sells high-grade material to Southeast Asian countries Korea, Vietnam, and Taiwan because of their geographical proximity. Korea, of course, is Japan’s largest buyer because the latter sells high-grade, mainly automotive scrap, much in demand in the former. But, Turkiye follows the middle path and can do with lower grades, for which the US is an ideal supply source.