Global scrap steel prices rose across the board in mid-March, led by Turkey and the United States.

　　In mid-March 2026, the global scrap steel market experienced across-the-board price increases, with the most pronounced gains observed in Turkey and the United States. The EU market entered a period of price stability, while the Chinese market saw only modest price rises.
 

　　 Turkey  
 

　　From February 20 to March 23, the price of Turkish HMS 1&2 80:20 scrap rose by 3.9% to USD 388.3 per tonne (CFR), reaching its highest level since July 2024. Year-to-date, the increase totals 5.3%.
 

　　During this period, the Turkish market has been under multiple pressures, including supply shortages, rising freight rates, and geopolitical risks in the Middle East. In late February, weak rebar demand and thin profit margins prompted steel mills to curb purchases; however, limited raw-material supplies from the EU and the United States kept seller quotations firm. Adverse weather conditions on the U.S. East Coast further compounded the challenges of procurement and exports.
 

　　With the onset of March, rising oil prices and logistics costs, coupled with the near disappearance of alternative sources of steel billets from Asia, have intensified price pressures. Ahead of Eid al-Fitr, Turkish steelmakers have stepped up their April procurement, bolstering suppliers’ bargaining power. However, sluggish sales of finished steel products are limiting further upside in prices. In the short term, the market is expected to remain relatively weak, with prices fluctuating around current levels.
 

　　 European Union
 

　　The EU market has been on a downward trend during this period. In Germany, the price of E3 scrap steel fell by 1.3% to €300 per tonne (ex-works), remaining stable since February 27. In Italy, the price of E3 scrap steel has held steady at €325 per tonne (delivered) since February 27, although it briefly rose to €330 per tonne in early March. Despite this mild stagflation, German prices are still up 11.1% year-to-date, while Italian prices are up 4%.
 

　　In March, the European market was noticeably calmer than those in Turkey and the United States. In February, high prices were underpinned by weak supply, cold weather, and logistical disruptions—particularly in Germany—but this support began to wane in early spring. In Italy, a shortage of high-quality scrap steel, especially automotive-grade scrap, remains a key factor; however, steelmakers are reluctant to further push up purchase prices.
 

　　U.S.–Iran tensions have introduced additional uncertainty, driving up energy costs and forcing some steel mills to adjust their production schedules. As a result, the market has entered a wait-and-see phase: in Germany, ample supply has stabilized prices, while in Italy a balance has been struck between high scrap steel costs and steelmakers’ willingness to procure. April is likely to see market stabilization, though energy and transportation costs could pose upside risks.
 

　　 United States
 

　　Scrap steel prices on the U.S. East Coast rose 3.6% from February 20 to March 23, reaching $347 per tonne (FOB), the highest level since April of last year.
 

　　In February, the U.S. market remained in winter mode. Blizzards, logistics delays, and uneven scrap recovery kept raw-material prices at elevated levels, while domestic demand from steel mills stayed stable. Strong flat-steel prices and the relatively high cost of alternative raw materials also provided support.
 

　　The market landscape began to shift in March. Improved weather conditions boosted scrap steel supply, while soaring freight and insurance costs eroded export competitiveness—particularly for shipments to Turkey—and reduced the price advantage of U.S. raw materials relative to European sources. The market gradually moved from a state of shortage toward balance. In April, older-grade scrap faced the greatest pressure, whereas high-quality scrap maintained a relatively stable outlook.
 

　　 China
 

　　China’s scrap steel prices edged up by about 1%. Domestically, scrap steel prices rose by 0.8% to USD 349.9 per tonne, while import quotations stood at USD 345 per tonne (CFR), up 0.7%.
 

　　China’s market has exhibited the least volatility. Following the Spring Festival, a slower-than-expected recovery in supply relative to consumption provided brief support to the domestic market, while market sentiment was also influenced by expectations of an accelerated ramp-up in electric-arc furnace capacity in early March.
 

　　However, this factor has not yet given rise to a robust upward trend. Construction activity is recovering slowly, with only a limited number of new projects commencing, and end-user demand for steel is insufficient to support a substantial increase in procurement volumes.
 

　　The import market has performed even more weakly. Although Japanese suppliers have raised prices, exports to China still lack economic competitiveness. In the short term, the Chinese market is expected to remain stable with limited volatility.