Turkish Steel Mills Trigger Ferrous Scrap Rally, Says BIR Quarterly Report

In the U.S., export prices got a boost. American mills were competing with buyers from Turkey and Asia, driving up prices.

SEATTLE (Scrap Monster): Turkey’s steel mills kicked off a big turnaround in global ferrous scrap markets in the first quarter of 2026, according to BIR’s latest World Mirror on Ferrous Metals report. After weeks of slow, careful buying following conflicts in the Middle East, Turkish mills suddenly ramped up their activity in late March. They snapped up more than 30 cargoes in just three days, sending deep-sea recycled steel prices soaring by over $25 per tonne compared to January.

In the U.S., export prices got a boost. American mills were competing with buyers from Turkey and Asia, driving up prices. Europe also saw stronger steel prices as supply shortages and import limits hit, but demand was still soft across places like Germany and Scandinavia.

In India, higher import prices cooled buying, and scrap imports trended down all quarter as construction demand stayed weak. Bangladesh reported a 25% drop in imports compared to last year. Meanwhile, Japan’s market picked up, mainly due to solid domestic demand and a weaker yen.

According to BIR, global recycled steel consumption grew 4.5% in 2025, reaching 480.3 million tonnes—even though crude steel production actually slipped 2.2%. This highlights the growing global significance of scrap-based steel production in the evolving steel industry.

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