US: Ferrous scrap export prices remain stable w-o-w amid muted Turkish demand

• Turkish demand muted during holidays
• Elevated freight rates weigh on trades

US ferrous scrap export prices held steady w-o-w, with the market remaining in a cautious phase as participants preferred to stay on the sidelines rather than risk misjudging near-term direction.

Cautious optimism persisted, supported by expectations of progress in US-China trade talks, although export activity stayed limited amid Turkish holidays and ongoing freight imbalances.

Monetary update

The US Federal Reserve delivered its second consecutive rate cut, lowering the benchmark rate by 25 basis points to 3.75–4.00%. The move aims to support a slowing labor market and broader economic recovery amid persistent trade tensions and the lingering effects of the government shutdown.a

FOB assessments (US East Coast, bulk)

• HMS 80:20 – $323/t,stable w-o-w
• Shredded – $343/t, stable w-o-w

Turkish market updates

Demand for US-origin ferrous scrap in Turkiye stayed muted this week, as trading activity slowed during the Republic Day holidays and weak finished steel demand. Most mills had already secured sufficient scrap for late November deliveries, keeping fresh bookings limited to just one or two cargoes.

Factors shaping Turkish scrap demand:

• Limited buying interest amid Republic Day holidays
• Ample mill inventories for late November deliveries
• Elevated freight rates curbing trade viability

A trader noted that high shipping costs, rising from $25/t to $35/t in recent months, continued to weigh on sentiment, keeping the market in a wait-and-see mode until post-holiday demand clarity emerges.

US-origin HMS 80:20, bulk – CFR assessments

• Turkiye –stable w-o-w at $351/t.
• Vietnam –down by $2/t w-o-w at $345/t.
• Bangladesh –down by $1/t w-o-w at $354/t.

Outlook

US ferrous scrap export prices are likely to stay rangebound in the near term, with buyers maintaining a cautious stance amid subdued steel demand and persistent freight challenges. Any upside movement will depend on a revival in Turkish buying and improved vessel availability.