Turkish Steel Buying Sparks Global Ferrous Scrap Rally: BIR
Metal Recycling News | 2026-05-19 06:01:50
In the U.S., export prices got a boost. American mills were competing with buyers from Turkey and Asia, driving up prices.
By Paul Ploumis
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.
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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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Frequently Asked Questions
- What triggered the global ferrous scrap price rally?
Turkish steel mills sharply increased purchases in late March, buying more than 30 cargoes in just three days.
- How did the U.S. scrap market respond?
Export prices rose as U.S. mills competed with buyers from Turkey and Asia for available material.
- What happened in India and Bangladesh?
Higher import costs and weak construction demand reduced scrap buying, with Bangladesh imports falling 25% year over year.
