What's driving scrap steel prices right now

In this short episode of Fast Forward, Alex Kershaw, senior analyst for steel, raw materials and ferrous scrap at Fastmarkets, unpacks the recent volatility in global scrap steel markets and what is driving price movements across key regions.

 

From the US and Europe to Turkey and China, the discussion explores how rising energy and freight costs, partly driven by the Middle East conflict, are lifting prices despite weak steel demand.

 

With seasonal supply increases and cheaper alternatives like pig iron, the conversation examines shifting market balances, including diverging trends between prime and obsolete scrap and the impact of policy and trade flows.

 

Tune in for a concise overview of the forces shaping scrap pricing, the fragility of current price support, and the downside risks emerging across the near‑ to medium‑term outlook.

 

Fastmarkets is your source of critical minerals and technology metals market analysis, forecasting and price data, keeping you ahead of the competition. To discover more about our products visit https://www.fastmarkets.com/podcast/ 

 

This episode was recorded in the second week of May 2026.