BIR World Mirror on Ferrous Metals – Quarterly Report July 2026: Downward price correction after Turkey’s buying glut
A concise summary of the BIR World Mirror on Ferrous Metals – Quarterly Report July 2026. Full version with detailed market reports available in the Members Only section of the BIR website.
Twists and turns have continued to characterise the recycled steel market as 2026 has progressed, it is made apparent in the latest Mirror publication released by BIR’s Ferrous Division.
Featuring detailed market reports from around the globe, the Mirror confirms that the key Turkish market followed up a buying glut in late March with more limited purchasing activity in subsequent months, contributing ultimately to a downward price correction. Sales to Turkey were dented by a slower-than-expected recovery in the country’s steel demand following the Ramadan holiday, a drop in rebar prices and mills’ high inventory levels.
According to feedback from Scandinavia, the reduced level of buying interest from the Turkish market resulted in HMS 80/20 prices falling by approximately 7% during the course of June. As an alternative to Turkey, attention has been turning instead towards Morocco and Spain, it is also noted.
Demand for recycled steel from German steelworks has been largely stable but supply has remained tight, particularly for new recycled steel and turnings. Furthermore, unreliable rail logistics, limited lorry capacity, lock maintenance and, at times, low water levels have hampered deliveries to mills. In the UK, meanwhile, competition for material has remained firm - notably for shredder feed - despite the decline in export prices.
The USA has witnessed healthy demand for new steel despite price increases. With the summer months tending to weaken recycled steel intakes, price movements are expected to remain limited.
Across into Asia, China’s finished steel exports fell 8.1% year on year to 44.55 million tonnes in the January-May period, thus keeping the Chinese market under pressure. Bangladesh has maintained a cautious approach to imports of recycled steel amid weak finished steel demand, significant excess steelmaking capacity, rising costs and compressed mill margins. Indian steelmakers have continued to favour iron ore-based feedstocks over imported recycled steel amid weaker steel demand and shrinking mill margins. And in Japan, buyers are exhibiting caution owing to high price levels but the domestic market remains firm.
In other developments, the Recycling Association of South Africa and the Metal Recyclers Association have made a formal parliamentary submission arguing that the country’s price preference system constitutes a de facto export ban on recycled steel. In effect, the organisations added, a policy designed to retain recycled steel for local beneficiation is instead facilitating its export in semi-finished form while competing billets flood back into the market.
The latest “World Steel Recycling in Figures” update from BIR’s Ferrous Division revealed that leading recycled steel consumer China posted a steep 12.1% year-on-year decline in its usage in the opening three months of 2026, despite a drop of only 4.6% in the country’s crude steel production.
Turkey retained its position as the world’s leading recycled steel importer as its overseas purchases edged 0.6% higher year on year to 4.746 million tonnes in the first quarter of 2026, whereas India’s imports slumped 46% to 1.240 million tonnes. The EU remained the top exporter even though its shipments slid 11.3% in the first three months of 2026 to 4.092 million tonnes.
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With contributions from its members, BIR publishes periodical commodity reports under the label "BIR World Mirror". These detailed reports exist for Non-Ferrous Metals, Ferrous, Stainless Steel / Alloys, Paper, Plastics and Latin America and provide BIR members with up-to-date information on the respective commodity or market segment.
The report on Non-Ferrous Metals appears once every two months, whereas Ferrous, Stainless Steel, Paper and Plastics are published quarterly. Latin America is covered twice per year.