The global scrap market has been growing since the beginning of 2026. Raw material prices increased by 1.5-13.0% between December 26, 2025, and February 13, 2026, depending on the region. The most positive dynamics are observed in the European market.
Turkey
On the Turkish market, prices for HMS 1&2 80:20 scrap have risen by 1.5% since the beginning of the year—the lowest rate among key markets—to $374/t CFR. Between January 30 and February 13, the increase was 0.7%.
During this period, the market was in a state of supply and demand confrontation. On the one hand, supply remained limited: winter weather in the EU and the US hampered procurement, freight rates were high, and the strong euro contributed to higher export prices. This formed a tight lower limit of $368-375/t CFR.
On the other hand, Turkish mills operated at a negative margin due to weak demand for rebar, financial constraints, and large inventories. Mills constantly tried to lower purchase prices or postponed deals, and some considered reducing production. An important restraining factor was the shift of interest to imported billets and pig iron, which created an alternative to scrap and limited the potential for price growth for the latter.
As a result, the market moved into a narrow range: deals were concluded within $368-375/t CFR, confirming stabilization without a clear trend.
Prices are likely to remain within this range in the near future. Support will come from limited supply and high logistics costs, while weak demand for steel and competition from billets will hold back growth. Significant movement is only possible after the recovery of construction demand in Turkey in the spring.
EU
In the EU, scrap prices rose at the fastest pace in January-February, with raw materials (E3) reaching €305/t ex-works in Germany, up 13% compared to the end of 2025, and €330/t ex-works (+5.6%) in Italy (E3).
At the beginning of the year, the market quickly recovered after the holidays: steelmakers replenished their stocks and restarted production, which caused a wave of purchases across Europe. Additional support for prices was provided by active export sales, primarily to Turkey, as well as low scrap collection rates. The shortage was particularly acute in Italy, where mills actively imported material from other EU countries, pushing up prices.
In February, growth accelerated due to cold weather. Frozen rivers in Germany disrupted logistics, and limited supply supported an increase of €15-20/t. At the same time, weak demand for finished steel, high energy costs, and saturated warehouses restrained further price increases, stabilizing the market at the end of the period.
Stabilization or correction is possible in the coming weeks as demand for steel remains weak. At the same time, supply shortages and decarbonization of the industry will keep prices at a relatively high level.
United States
In the United States, scrap prices have risen by 2.3% since the beginning of the year, to $335/t. The market was influenced by a seasonal supply shortage. Winter weather, the closure of collection sites, and logistics disruptions limited collection, causing prices to rise by $20-30/t in January. Steelmakers actively replenished their stocks, and stable steel prices allowed them to pass on part of the costs to finished products.
In February, restrictions intensified, with frosts and snowfalls delaying deliveries and postponed January shipments carried over to the new month, pushing domestic prices up by another $20-40/t. The key driver remained the availability of raw materials rather than demand for steel. Exports to Turkey and Asia supported the price floor, although buyers actively resisted the price increase. At the end of the period, the market stabilized as mills reached acceptable inventory levels.
If scrap flows normalize with the onset of spring, a moderate decline is possible. If the deficit persists, the market will remain in a sideways range with a high price base.
China
On the Chinese market, import offers have risen by 7% since the beginning of the year, to $342.5/t CFR, while domestic prices have risen by 4.6%, to $347.1/t.
At the beginning of the year, the market was supported by improved smelting margins and higher prices for coke and coking coal, which encouraged EAF plants to increase their operating hours. This led to higher domestic quotations and a cautious increase in import indicators. At the same time, import volumes remained low due to high final costs and strict quality requirements, and Japanese offers found no demand in the local market.
In the second half of January, the market stabilized. The approach of the holidays and scheduled repairs at electric arc furnace plants led to a reduction in scrap consumption. Falling furnace utilization and weak interest in imports limited growth, despite relatively stable supply. The high difference between domestic and import prices effectively closed arbitrage opportunities, leaving the market predominantly domestically oriented.
Prices are likely to remain stable until production resumes after the holidays. Further dynamics will depend on the pace of EAF capacity ramp-up and margins. If margins improve, moderate growth is possible; otherwise, the market will move into a sideways range.
Courtesy : https://gmk.center/en/news/global-scrap-prices-have-been-showing-positive-dynamics-since-the-beginning-of-the-year/
