The Week in One Page — Week of 29 June 2026
Bottom Line
Scrap prices into Turkey fell below $380 per tonne this week and look likely to keep falling next week. Do not buy ahead of the drop — price any new Turkey offers at $375–380 per tonne and wait.
5 Things You Need to Know
- Scrap sold into Turkey fell to about $377 per tonne — down roughly $25 since the start of June.
- Turkish steel bar (rebar) export prices were cut hard, down $20–25 to $560–570 per tonne, on very weak demand.
- Iron ore — scrap’s rival raw material — slipped back below $100 per tonne, and Chinese steel hit a two-month low.
- The UAE banned scrap exports, so Gulf buyers will no longer prop up Asian scrap prices.
- TDC booked three new deals: a small Baltic windmill-plate cargo and two Canadian scrap orders.
Top 3 Actions This Week
- Re-price Turkey offers to $375–380 per tonne. WHEN: now. WHY: the old $390+ level is gone; the cheapest European sellers are dealing below $380.
- Hold US and Canadian scrap; don’t dump it cheaply into Asia. WHEN: this week. WHY: Pakistan and India are weak buyers, so route material to Turkey instead.
- Lock shipping on the two open July loadings. WHEN: before cut-off (Canada shred 10 July; Baltic windmill 12 July). WHY: prices are falling, so book now to protect margin.
Why Prices Moved (and Other Changes)
Turkish mills bought fresh European scrap cheaply, around $375–379 per tonne, and are buying very little because steel demand is weak and the summer slowdown has started. Because steel bar prices fell too, scrap has lost its support. At the same time, China’s steel and iron ore both weakened, keeping cheap raw materials flowing and capping prices everywhere. The UAE’s new export ban, plus recent Saudi price cuts, means Gulf buyers are no longer a safety net under Asian scrap prices.
What to Watch Next Week
- Turkish steel demand and any July production cuts — a mill cutback is the only thing that could put a floor under scrap.
- Iron ore at $98–100 per tonne — if it breaks lower, it drags Chinese steel and raw-material prices down further.
- The UAE export ban’s effect — watch whether trapped UAE scrap pushes local prices down.
Plain-English Glossary
- Scrap — recycled steel (old cars, demolition metal) melted down to make new steel.
- HMS 80:20 — Heavy Melting Scrap, an 80%/20% mix of two grades; the most common bulk scrap traded.
- Shredded — scrap chopped into small clean pieces; a higher grade than HMS.
- Rebar — the steel reinforcing bars used in construction; made from scrap.
- Iron ore — the mined raw material used to make steel without scrap; scrap’s main rival.
- Per tonne — the price for one metric tonne (1,000 kg) of material.