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Global scrap steel prices rose by 1–3% in May.

Category: Blog

Time:2026-05-28

In May, global scrap steel prices rose by 1–3%. In May 2026, scrap steel prices in most global markets increased by 1–3%, with the sole exception of China, where imported scrap steel prices declined.

　　In May 2026, black scrap prices rose by 1–3% in most global markets, with the exception of China, where imported scrap prices declined.

　　In the Turkish market, scrap prices rose 1.4% between April 24 and May 22, reaching $408.5 per tonne CFR. Over the past few weeks, prices have climbed to their highest levels since January 2024. The Turkish market remained tight in May, with suppliers citing rising European scrap‑recycling costs and logistics expenses as justification for maintaining elevated price levels, while steelmakers sought opportunities to push purchase prices lower. Weak sales of finished products were the primary restraining factor. Rebar sales continued to languish, and high borrowing costs weighed on liquidity. By late May, the balance of power had shifted in favor of buyers, as a weaker euro, falling Chinese billet prices, and a pullback in freight rates intensified downward pressure on sellers.

　　In the EU, scrap steel prices rose by approximately 3% in May, with German E3 grade increasing by 3.3% to €310/tonne EXW and Italian prices up 3% to €340/tonne EXW. Western European steelmakers maintained high capacity utilization, underpinning steady demand for raw materials. Scrap recovery remains limited, particularly for higher‑grade grades, further driving price increases. The Italian market was especially active, as local steelmakers replenished inventories and were willing to pay a premium for certain material categories.

　　In the United States, prices rose 2.1% in May to $362.5 per ton FOB. High capacity utilization at steel mills and steady demand from electric arc furnaces were the primary drivers of price increases. On the West Coast, prices for some grades advanced, while the East Coast market remained largely unchanged. Even with seasonal supply increases, elevated transportation costs continued to support price levels.

　　The Chinese scrap steel market has shown mixed trends: domestic prices rose 1.8% to $360.2 per ton, while import prices fell 6.5% to $360.2 per ton CFR. The market experienced a pullback in early May, but as production resumed after the holiday period, steel mills ramped up purchasing. With improving mill margins, domestic prices quickly rebounded. In the second half of May, companies saw a sharp increase in revenue, and rising costs associated with tax‑invoice processing complicated settlements for market participants and put additional pressure on processors. Meanwhile, the import segment remained notably weak, with overseas quotations still above domestic levels, leaving Chinese buyers largely uninterested in sourcing.

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