Steel Scrap Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Steel Scrap in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Steel Scrap Price Trend for the Second Half of 2023

Steel scrap prices were observed to be oscillating throughout the said period of H2’23. Prices mostly varied in different regions as the variations in feedstock costs and downstream demands determined the pricing situations in global markets. In the Asian steel scrap markets, China noticed a decline in prices attributed to a significant surge in the supply dynamics.

Steel Scrap Price Chart

Steel Scrap Price Trends and Forecast

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This led to the monthly average prices falling from around 307 USD/MT (CFR, China) in July to about 235 USD/MT in December’23. Similarly, the American markets moved swiftly with both-way movements. The monthly average prices here went from about 325 USD/MT (FOB, Heavy Melting Scrap) to around 365 USD/MT (FOB, Heavy Melting Scrap) in December’23. The European market, on the other hand, saw their monthly average prices climbing during the given period. High upstream costs because of import dependence and freight disturbances in the global markets pushed the prices up for steel scrap.

Analyst Insight

According to Procurement Resource, the Steel Scrap prices are expected to vary in the coming months as well, since the downstream demands will continue fluctuating going forward.

Steel Scrap Price Trend for the First Half of 2023

The market of steel scraps faced a consistent decline in the first two quarters of 2023 in China due to weak demand from global industries and an influx of cheap imports from other Asian countries and Russia, which increased the competition, and the domestic traders had to reduce their price quotations.

The US markets of steel scrap also suffered from the same challenges as the low rates of procurement from the downstream sectors, which led to the rise in the level of inventories.

During the initial months, the market performed steadily as the positive momentum of the prices was supported by the revival of construction activities, which was evident in its price figures that suggest that heavy melting scrap prices (FOB) rose from approximately 380 USD/MT in January’23 to 448 USD/MT in Mar’23. However, the negative effects of the downward trend of the end-user sectors in the second quarter led to the downfall of the trend to 352 USD/MT in June’23.

Analyst Insight

According to Procurement Resource, the price of Steel Scrap is estimated to grow steadily in the upcoming months as the demand and revival of global markets are expected to support the rise in the prices of steel scrap.

Procurement Resource provides latest prices of Steel Scrap. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.

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Steel scrap or scrap is the product produced by re-using steel scrap generated from steel manufacturing processes. It can be remelted over and over endlessly to make new products such as automobiles, rail coaches, ships, white goods, construction products, machinery, electrical and electronic equipment, as well as packaging material.

Product Details

Report Features Details
Product Name Steel Scrap
Industrial Uses Used for manufacturing various goods, including home furnishings from metal beds to office equipment, steel lamps and steel tables, white goods, vehicles, electronics, machinery, and packaging, among others.
Synonyms Scrap metal, Metal Scrap, Ferrous Scrap
HS Code 72044910/ 72044900
Supplier Database EVRAZ North America, China Steel Corporation (CSC), American Iron & Metal Company Inc., OmniSource, LLC, Hyundai Motor Company, TSR Recycling GmbH & Co. KG, European Metal Recycling Ltd., Innovative Metal Recycling, SA Recycling LLC, Schnitzer Steel Industries, Inc., Ward Recycling Ltd, Inc.
Region/Countries Covered Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand

Europe: Germany, France, United Kingdom, Italy,  Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece

North America: United States and Canada

Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru

Africa: South Africa, Nigeria, Egypt, Algeria, Morocco
Currency US$ (Data can also be provided in local currency)
Supplier Database Availability Yes
Customization Scope The report can be customized as per the requirements of  the customer
Post-Sale Analyst Support 360-degree analyst support after report delivery

Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.


The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).

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