Scrap prices in the Benelux region rose further on Monday, driven by the continued weakening of the euro and limited material inflow. Dock prices increased to €260-265/tonne ($289-291.5) delivered, up from €250/t a week earlier. Domestic suppliers' reluctance to sell at €250/t forced Benelux exporters to gradually raise dock prices, benefiting from the euro’s depreciation.
The euro weakened to $1.11 following the US-China agreement on a 90-day tariff reduction pause, further supporting higher dock prices, which reached €265/t. In the Turkish market, scrap deals were concluded at $333/t and $335/t cfr Türkiye from the EU and UK, respectively. Reports emerged of sales for HMS 1&2 80:20 at $339/t and $334/t cfr from Germany and the Netherlands, and HMS 1&2 95:5 and bonus grade from Russia at an average of $357/t cfr.
Türkiye’s scrap demand is expected to rise this week as mills seek material for June shipments. However, their willingness to accept higher prices will depend on finished steel sales and billet offers. Some anticipate increased China-origin billet supply after the tariff pause, though skepticism remains about the recent uptick in Chinese steel futures.
Scrap suppliers find workable prices at $333-337/t from the EU, $338-339/t from the Baltic, and $339-342/t cfr Türkiye from the US, with expectations of higher values due to rising billet costs. Meanwhile, India’s scrap import market remains subdued due to weak domestic steel demand, cautious buying ahead of the monsoon, and geopolitical concerns, with containerized shredded offers from the EU and UK at $370-375/t cfr Nhava Sheva, though buyers’ bids remain lower. HMS 1&2 80:20 offers above $350/t cfr continue to face resistance.
